Requirements of Regulatory Agencies

Question 1

Supervising any professional activity

Answer 1

is a big part of exercising Due Care

Question 2

FASB establishes GAAP principals

Answer 2

for Federal Reporting Agencies reporting to the public or other agencies

Question 3

The PCAOB is required to

Answer 3

Make annual Audits for CPA firms who audit more 100 companies.

Anything less is every 3 years.

Question 4

To exercise due care the auditor

Answer 4

should carefully review judgement exercised by those assisting the audit.

Question 5

Proper balance of professional experience and formal education

Answer 5

concerns the training and proficiency of the Auditor