Regarding the PCAOB, Which of the Following Is INCORRECT? the PCAOB

question 42

Multiple Choice

Regarding the PCAOB, which of the following is INCORRECT? The PCAOB:

• A) Is responsible for oversight of audit firms engaged in the audit of public companies.
• B) Issues standards that govern audits of public companies.
• C) Is a not-for-profit entity.
• D) Has authority that is equal in power to the SEC.

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Definitions:

HDC Status

Refers to Holder in Due Course status, a term in the Uniform Commercial Code that represents a party who has acquired a negotiable instrument under certain conditions that provide protection from defenses and claims that could impair the right to enforce the instrument.

Negotiation

The process whereby parties discuss their differences and attempt to reach a mutually agreeable resolution.

Indorses

Endorses or signs the back of a financial instrument (such as a check) to transfer rights to another party.

Credit Union

A member-owned financial cooperative that provides banking services, including savings and loan facilities, to its members.