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

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Definitions:

Internal Reports

Reports generated within an organization for the purpose of decision making by management, not for public dissemination.

Actual Impact

The real effect or consequence that an event, decision, or action has had.

Management Accountants

Professionals who specialize in providing financial data and analysis to managers within organizations, aiding in decision-making processes.

Financial Data

Information relating to the financial operations of a company, including income, expenses, and investment performance.