Responsibilities

Question 1

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

Answer 1

REGISTRATION OF SECURITIES

Question 2

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

Answer 2

ANNUAL REPORTING

Question 3

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

Answer 3

To auditing issuers under SEA 1934

Question 4

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

Answer 4

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

Question 5

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

Answer 5

1 day

Question 6

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?

Answer 6

1 day

Question 7

What do the following promulgate?
AICPA
FASB
PCAOB

Answer 7

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

Question 8

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

Answer 8

SEC

Question 9

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

Answer 9

“Substantial authority” or 40% standard