R5 - Sarbanes-Oxley Act of 2002 Flashcards
1
Q
How many members are there of the PCAOB? How many must be CPA’s?
A
5 members; 2 CPA’s and 3 non-CPA’s
2
Q
How long must a CPA firm who audits an issuer retain documentation?
A
7 years
3
Q
How often does the PCAOB inspect registered firms performing audits?
A
Over 100 audits = annually
Under 100 audits = every 3 years
4
Q
How often must the lead audit partner rotate off the job?
A
Every 5 years
