Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the best term by placing the letter designating the term in the space provided.
-____ PCAOB establishes standards related to the preparation of audited financial reports.

Question

Quizplus · Accepted Answer

The Oversight board is the PCAOB, which establishes standards related to the preparation of audited financial reports.

Answer: D
 Corporate executive accountability refers to the responsibility of top management to establish and maintain effective internal control over financial reporting.

Answer: G
 Internal control refers to the policies and procedures put in place to ensure that a company's financial information is accurate and reliable.

Answer: I
 Auditor rotation is the practice of periodically replacing external auditors to ensure independence and impartiality in the audit process.

Answer: J
 Risk assessment involves identifying and evaluating the risks that could affect a company's financial reporting and implementing controls to mitigate those risks.

Listed Below Are Ten Terms Followed by a List of Phrases