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hammer [34]
3 years ago
9

Under the Sarbanes-Oxley Act of 2002, which of the following is not a stated responsibility of the Public Company Accounting Ove

rsight Board?
a. Conducting inspections of registered public accounting firms.
b. Overseeing the registration of public accounting firms.
c. Issuing accounting standards that must be followed by issuers in financial reporting.
d. Issuing auditing standards that must be followed by registered public accounting firms in auditing the financial statements of issuers.
Social Studies
1 answer:
astraxan [27]3 years ago
5 0

Answer:

c. Issuing accounting standards that must be followed by issuers in financial reporting.

Explanation:

The Sarbanes-Oxley Act of 2002 was established under the Federal law to oversee the accounting industry by creating the Public Company Accounting Oversight Board.

The Public Company Accounting Oversight Board is a standard setting body for matters related to registered public accounting firms including auditing and quality control. The Generally Accepted Accounting Principles is a combination of authoritative standards set by policy boards which aims to improve the clarity, consistency of the communication of financial information.

The Public Company Accounting Oversight Board however is not an accounting standard setting body and does not regulate the Generally Accepted Accounting Principles affecting the financial statements of issuers.

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