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Indicate Whether Each of the Following Statements About Corporate Governance

Question 42

Matching

Indicate whether each of the following statements about corporate governance is true or false.

Premises:

Responses:

Because of the Sarbanes Oxley Act,audit firms are not permitted to provide many nonaudit services to audit clients.

True

The fraud triangle identifies opportunity,pressure,and rationalization as the three elements that are typically present when fraud is committed.

False

The Sarbanes Oxley Act created the Public Company Accounting Oversight Board (PCAOB.)

The Financial Accounting Standards Board issues a code of ethical behavior by which public accountants must abide

An executive found guilty of falsely certifying a company's financial statements faces up to a $100,000 fine and five years in prison.s an asset account.

Premises:

Because of the Sarbanes Oxley Act,audit firms are not permitted to provide many nonaudit services to audit clients.

The fraud triangle identifies opportunity,pressure,and rationalization as the three elements that are typically present when fraud is committed.

The Sarbanes Oxley Act created the Public Company Accounting Oversight Board (PCAOB.)

The Financial Accounting Standards Board issues a code of ethical behavior by which public accountants must abide

An executive found guilty of falsely certifying a company's financial statements faces up to a $100,000 fine and five years in prison.s an asset account.

Responses:

True

False

Correct Answer:

Premises:

Responses:

Because of the Sarbanes Oxley Act,audit firms are not permitted to provide many nonaudit services to audit clients.

The fraud triangle identifies opportunity,pressure,and rationalization as the three elements that are typically present when fraud is committed.

The Sarbanes Oxley Act created the Public Company Accounting Oversight Board (PCAOB.)

The Financial Accounting Standards Board issues a code of ethical behavior by which public accountants must abide

An executive found guilty of falsely certifying a company's financial statements faces up to a $100,000 fine and five years in prison.s an asset account.

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