Indicate whether each of the following statements about corporate governance is true or false.________ a) The Financial Accounting Standards Board issues a code of ethical behavior by which public accountants must abide.________ b) The Sarbanes Oxley Act created the Public Company Accounting Oversight Board (PCAOB).________ c) Because of the Sarbanes Oxley Act, audit firms are not permitted to provide many nonaudit services to audit clients.________ d) The fraud triangle identifies opportunity, pressure, and rationalization as the three elements that are typically present when fraud is committed.________ e) An executive found guilty of falsely certifying a company's financial statements faces up to a $100,000 fine and five years in prison.
What will be an ideal response?
a) F b) T c) T d) T e) F
a) This is false. The AICPA, not FASB, issues a code of professional behavior for CPAs.
b) This is true. The PCAOB is a result of the Sarbanes-Oxley Act.
c) This is true. The Sarbanes-Oxley Act restricts nonaudit services that audit firms can provide to audit clients.
d) This is true. Opportunity, pressure, and rationalization make up the fraud triangle.
e) This is false. A $5 million fine and 20-year prison sentence are possible penalties for executives who falsely certify a company's financial statements.
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Although word processing makes writing much faster and easier than ever before, writing is still _________________
a. nerve wracking b. a mystery c. a solitary activity d. only communication
In what ways have unions been both a positive and negative force in society?
What will be an ideal response?
The signature of the drawer or maker of a negotiable instrument can appear anywhere on the
face of the document. Indicate whether the statement is true or false
Electronic communication
A. enables participants to pick up on subtle, nonverbal, or inflectional clues. B. can reduce time and expenses devoted to traveling. C. requires lessening participation in communication to fewer people. D. prevents gossip, insults, threats, harassment, and the release of confidential information. E. always leads to more satisfying negotiations.