Responsibilities Flashcards

1
Q

The SEA of 1933 applies to the REGISTRATION OF SECURITIES or ANNUAL REPORTING?

A

REGISTRATION OF SECURITIES

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2
Q

The SEA of 1934 applies to the REGISTRATION OF SECURITIES or ANNUAL REPORTING?

A

ANNUAL REPORTING

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3
Q

Private Securities Litigation Reform Act applies to SEA 1933 or 1934?

A

To auditing issuers under SEA 1934

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4
Q

What is the exception to the general rule that a TRP may not charge a contingent fee for matters before the IRS?

A

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

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5
Q

When notified of illegal acts, how much time is given to the BOD or AC to notify the SEC?

A

1 day

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6
Q

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?

A

1 day

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7
Q

What do the following promulgate?
AICPA
FASB
PCAOB

A

AICPA - auditing standards for nonpublic companies
FASB - accounting principles
PCAOB - auditing standards for public companies

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8
Q

What government agency designated FASB to promulgate accounting principles and PCAOB to promulgate auditing standards for public companies?

A

SEC

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9
Q

What is the minimum threshold for avoiding penalties on undisclosed tax positions?

A

“Substantial authority” or 40% standard

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