Asked by Meera Patel on Jun 27, 2024

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The Public Company Accounting Oversight Board (PCAOB) may give credit to registered accounting firms and associated persons for "extraordinary cooperation" with an investigation.Which of the following is not included in the PCAOB's definition of "extraordinary cooperation"?

A) Voluntary and timely cooperation with the Board's deadlines
B) Voluntary and timely self-reporting
C) Voluntary and timely remedial or corrective action
D) Voluntary and timely substantial assistance to the Board's investigative processes or to other law enforcement authorities

PCAOB

The Public Company Accounting Oversight Board, a nonprofit corporation established by Congress to oversee the audits of public companies to protect investors.

Extraordinary Cooperation

A situation where an individual or organization goes above and beyond the standard expectations to work with others towards a common goal or in assisting in legal matters.

Investigation

A systematic examination or inquiry into something, often conducted to uncover facts or information about a particular incident, allegation, or phenomenon.

  • Identify the institutions and regulatory agencies overseeing financial markets and their distinct mandates, including the SEC and PCAOB.
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Verified Answer

ES
Esteban SuárezJun 29, 2024
Final Answer :
A
Explanation :
Under the PCAOB's new policy,registered accounting firms and associated persons may receive credit for "extraordinary cooperation" with an investigation,which the PCAOB has defined as: (1)voluntary and timely self-reporting; (2)voluntary and timely remedial or corrective action ;or (3)voluntary and timely substantial assistance to the Board's investigative processes or to other law enforcement authorities.