Which of the following is not true for audit firms who audit publically traded companies?

Question

Quizplus · Accepted Answer

Audit firms who audit publically traded companies are not required to have an AICPA peer review on all audit clients, as the AICPA peer review is only required for firms that perform audits in accordance with AICPA standards, which are not applicable to audits of public companies. Instead, these firms are subject to annual inspections by the PCAOB. Additionally, the audit firm cannot choose which CPA firm conducts their AICPA peer review, as the review must be performed by an independent reviewer selected by the AICPA.

Which of the Following Is Not True for Audit Firms