Which Auditing Standards Apply to Private Companies

question 48

Multiple Choice

Which auditing standards apply to private companies?

• A)The AICPA Standards.
• B)The IASSB Standards.
• C)The Standards of the PCAOB.
• D)All of the above.

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Definitions:

Rental Terms

The conditions and agreements that delineate the rights and obligations of the lessor and lessee in a property rental arrangement.

Fair Housing Act

A U.S. law enacted in 1968 aimed at preventing discrimination when renting or selling residential property based on race, religion, national origin, sex, (and as later amended) disability and family status.

Housing Discrimination

The illegal practice of denying individuals or groups the opportunity to rent, buy, or negotiate for housing based on race, color, religion, sex, disability, familial status, or national origin.

Traditional Rule

A long-established guideline or principle that is followed in a specific field or practice.