Under the Sarbanes-Oxley Act,the Use of a Concurring Audit Partner

question 15

Multiple Choice

Under the Sarbanes-Oxley Act,the use of a concurring audit partner on an audit engagement for a company regulated by this Act is:

• A) Mandatory, under all circumstances
• B) Mandatory, only if the audit client has been cited by the SEC for failing to present its financial statements in conformity with GAAP during the preceding five-year period
• C) Recommended, but optional as long as the absence of a concurring partner is disclosed to the SEC
• D) Recommended, but optional as long as the absence of a concurring partner is disclosed as an integral part of the audit client's financial statements

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Definitions:

Sampling Judgment

A method of selecting participants or subjects for a study based on the researcher's knowledge and judgement.

Pilot A Survey

A preliminary study conducted to evaluate the feasibility, time, cost, risk, and adverse effects of a research project.

Internet Sampling Frames

Online lists or databases from which a researcher can select participants for a study, ensuring the sample represents a larger population.

Standard Format

A set of agreed-upon specifications or guidelines for documents, data, or processes to ensure consistency and compatibility across different platforms or scenarios.