In proposed PCAOB Rule 4012, “Inspection of Foreign Registered Public Accounting Firms” issued for comment in December 2007, which of the following is NOT one of the broad principles upon which the Board may place full reliance on the inspection program of qualified non-U.S. auditor oversight entities?
A. transparency of the oversight system
B. adequacy and integrity of the oversight system
C. rigidity of professional standards mandated by the oversight system
D. independence of the oversight system’s source of funding
Answer:C
In proposed PCAOB Rule 4012, “Inspection of Foreign Registered Public Accounting Firms” issued for comment in December 2007, which of the following is NOT one of the broad principles upon which the Board may place full reliance on the inspection program of qualified non-U.S. auditor oversight entities?
A. transparency of the oversight system B. adequacy and integrity of the oversight system C. rigidity of professional standards mandated by the oversight system D. independence of the oversight system’s source of funding