Inspections performed by the PCAOB focus on quality control of registered CPA firs that perform audits of public companies (issuers). As required by the Sarbanes-Oxley Act, inspections determine all of the following except that
a. The lead partner of a client is rotated every 5 years
b. A second partner review is performed
c. Independence is maintained by audit staff
d. Only staff with prior experience work on audits
Ans: d. Only staff with prior experience work on audits
Business
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When goods are being ordered from a vendor, which electronic files are either read or updated?
A) inventory, vendors, and accounts payable B) vendors and accounts payable C) open purchase orders and accounts payable D) inventory, vendors, and open purchase orders
Business
When a customer returns a product for a refund, in what account is the entry recorded?
What will be an ideal response?
Business