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Question
Which of the following is true of Section 10A of the Securities Exchange Act of 1934?A) It prohibits manipulative or deceptive practices in probate.
B) It is a due diligence defense an accountant can assert to avoid civil liability.
C) It imposes duties on auditors to detect and report illegal acts committed by their clients.
D) It imposes criminal liability on accountants for making material misstatements or omissions in their performance of non-audit services.
Answer
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B) No state can regulate foreign trade directly or indirectly without due process of the law.
C) Motions for amendments to the constitution cannot be made without a majority in the parliament.
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Registered accounting firms that audit more than 100 public companies annually are subject to inspection and review by the Public Company Accounting Oversight Board (PCAOB) once a year.
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The SEC has oversight and enforcement authority over the Public Company Accounting Oversight Board (PCAOB).
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The accountant-client privilege provides that ________.
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Accountants cannot be held criminally liable for material irregularities in financial statements prepared for registration statements.
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A due diligence defense cannot be asserted by an accountant against the civil liabilities of Section 11(a) of the Securities Act of 1933.
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Which of the following is true of Rule 10b-5?
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When an accountant has behaved negligently causing damage to a third party, the third party ________.
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A) Financial Accounting Standards Board (FASB)
B) International Accounting Standards Board (IASB)
C) International Financial Reporting Board (IFRB)
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Which of the following statements is true of accountants?
A) Accountants who pass the CPA examination are called private noncertified accountants.
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