![]() His current term expires on October 24, 2023. He was designated as Acting Chairperson from June 2021 to January 2022. 5) The Public Company Accounting Oversight Board was abolished during the Obama administration and no longer exists. DesParte was appointed as a Board Member of the Public Company Accounting Oversight Board by the Securities and Exchange Commission in December 2017 and sworn in on April 9, 2018. O 4 The Board ensures that auditors and public accounting firms compile accurate and truthful financial reports for the companies they audit and also requires that companies devise a system that allows employees to report suspicions of unethical behavior. 3) The Board requires that the universalization test be used as the primary ethical guideline and also mandates protection for whistle-blowers who report suspicious activity involving financial reports. O2) The Board requires that companies devise a system that allows employees to report suspicions of unethical behavior, but it does not address financial reports prepared by auditors and public accounting firms. ![]() ![]() b) is a quasi-governmental organization that is independent of the SEC in setting auditing standards. Transcribed image text: Which of the following is true regarding activities of the Public Company Accounting Oversight Board? 1) The Board ensures that auditors and public accounting firms compile accurate and truthful financial reports for the companies they audit, but it has no responsibility in regard to whistle-blowing protection. The Public Company Accounting Oversight Board: a) is a quasi-governmental organization that has legal authority to set auditing standards for audits of public companies. ![]()
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