In proposed PCAOB Rule 4012,"Inspection of Foreign Registered Public Accounting Firms" issued for comment in December 2007,which of the following is NOT one of the broad principles upon which the Board may place full reliance on the inspection program of qualified non-U.S.auditor oversight entities?

Question

Quizplus · Accepted Answer

The three broad principles upon which the PCAOB may place full reliance on the inspection program of qualified non-U.S. auditor oversight entities are transparency, adequacy and integrity, and independence of the oversight system's source of funding. The rigidity of professional standards mandated by the oversight system is not one of these principles.

In Proposed PCAOB Rule 4012,"Inspection of Foreign Registered Public Accounting