Responsibilities Flashcards
The SEA of 1933 applies to the REGISTRATION OF SECURITIES or ANNUAL REPORTING?
REGISTRATION OF SECURITIES
The SEA of 1934 applies to the REGISTRATION OF SECURITIES or ANNUAL REPORTING?
ANNUAL REPORTING
Private Securities Litigation Reform Act applies to SEA 1933 or 1934?
To auditing issuers under SEA 1934
What is the exception to the general rule that a TRP may not charge a contingent fee for matters before the IRS?
If contingent fee is for services related to a CLAIM for CREDIT or REFUND in connection with statutory INTEREST or PENALTIES charged by the IRS
When notified of illegal acts, how much time is given to the BOD or AC to notify the SEC?
1 day
If BOD or AC fails to notify the SEC of an illegal act, auditor must withdraw OR notify the SEC within how many days from failure by BOD or AC?
1 day
What do the following promulgate?
AICPA
FASB
PCAOB
AICPA - auditing standards for nonpublic companies
FASB - accounting principles
PCAOB - auditing standards for public companies
What government agency designated FASB to promulgate accounting principles and PCAOB to promulgate auditing standards for public companies?
SEC
What is the minimum threshold for avoiding penalties on undisclosed tax positions?
“Substantial authority” or 40% standard