Prescribe specific auditing procedures to detect fraud

Assignment Help Financial Accounting

Reference no: EM13134875

The Securities and Exchange Commission has authority to

A. Require a change of auditors of governmental entities after a given period of years as a means of ensuring auditor independence.

B. Deny lack of privity as a defense in third-party actions for gross negligence against the auditors of public companies.

C. Determine accounting principles for the purpose of financial reporting by companies offering securities to the public.

D. Prescribe specific auditing procedures to detect fraud concerning inventories and accounts receivable of companies engaged in interstate commerce.

Reference no: EM13134875

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