Asked by Micah Jones on Jun 04, 2024
Verified
Which of the following statements about the Public Company Accounting Oversight Board (PCAOB) is false?
A) The PCAOB is a federal agency with broad regulatory power like the Financial Industry Regulatory Authority (FINRA) .
B) The PCAOB was created to oversee the audits of public companies.
C) Public accounting firms that audit financial statements of public companies are required to register with PCAOB and submit to its rules.
D) he PCAOB has the power to inspect periodically public accounting firms and to issue reports of the results of the reviews.
PCAOB
Public Company Accounting Oversight Board, a nonprofit corporation established by Congress to oversee the audits of public companies to protect investors.
FINRA
The Financial Industry Regulatory Authority, a non-governmental organization that regulates member brokerage firms and exchange markets, ensuring fairness and honesty in the financial industry.
Public Companies
Corporations that have issued securities through an initial public offering (IPO) and are traded on at least one stock exchange or in over-the-counter markets.
- Comprehend the functions and specific directives of governing bodies in financial markets, notable examples being the SEC and PCAOB.
Verified Answer
Learning Objectives
- Comprehend the functions and specific directives of governing bodies in financial markets, notable examples being the SEC and PCAOB.
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