Question 1
The Public Company Accounting Oversight Board
◦ performs inspections of the quality controls of firms that audit public companies.
◦ establishes auditing standards that must be followed by CPAs on all audits.
◦ oversees auditors of private companies.
◦ performs all of these functions.
Question 2
The PCAOB requires annual inspections of accounting firms that audit more than ten public companies.
◦ true
◦ false