The Three Standard Setting Organizations That Are Involved in Establishing

question 25

Multiple Choice

The three standard setting organizations that are involved in establishing auditing standards are

• A)The American Association of Accountants,the Auditing Standards Board,and the Public Company Accounting Oversight Board
• B)The International Auditing and Assurance Standards Board,the Auditing Standards Board,and the Public Company Accounting Oversight Board
• C)The American Association of Accountants,the Auditing Standards Board,and the International Auditing and Assurance Standards Board
• D)The Auditing Standards Board,the International Auditing and Assurance Standards Board,and the Public Company Accounting Oversight Board

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Definitions:

Payoff Matrix

A table showing the potential outcomes or payoffs from different decisions or strategies in game theory.

Duopoly

A market structure characterized by two producers or sellers dominating a particular industry or sector.

Profit

is the financial gain made in a transaction or business operation, calculated as the difference between revenue and costs.

Collude

The act of cooperating or conspiring, especially in a deceitful way, typically between competitors to fix prices or rig markets.