Privately owned companies
A)are required to have an independent CPA audit their financial statements.
B)are required to have their internal control systems audited.
C)are required to have both the financial statements and internal control systems audited.
D)are not required to do any of these.

Question

Quizplus · Accepted Answer

Privately owned companies are not required by law to have an independent CPA audit their financial statements or internal control systems. However, they may choose to do so for their own benefit or at the request of investors or lenders.

Privately Owned Companies