The Dodd-Frank Act

question 8

Multiple Choice

The Dodd-Frank Act:

• A) Subjects CPAs to fiduciary duties in their roles as auditors of publicly-traded companies
• B) Subjects CPAs to fiduciary duties in their roles as executors of estates due to the extreme vulnerability of estate assets and the lack of checks and balances on CPAs' conduct
• C) Subjects CPAs to fiduciary duties when their clients are financially unsophisticated or otherwise vulnerable
• D) Did not affect CPAs' potential duties as fiduciaries

---

Definitions:

Political Business Cycle

A theory suggesting that electoral cycles influence economic cycles, with policymakers manipulating the economy to improve re-election chances.

Fed

The Federal Reserve System, which is the central banking system of the United States, responsible for monetary policy.

Re-election

is the process by which an official, typically in a political context, wins another term in office through a voting process.

Political Business Cycle

Economic fluctuations that result from the cycle of electoral politics and policy adjustments.