indicate whether each of the following statements about corporate governance is true or false.\n a) the…

indicate whether each of the following statements about corporate governance is true or false.\n a) the financial accounting standards board issues a code of ethical behavior by which public accountants must abide. false\n b) the sarbanes oxley act created the public company accounting oversight board (pcaob). true\n c) because of the sarbanes oxley act, audit firms are not permitted to provide many nonaudit services to audit clients. true\n d) the fraud triangle identifies opportunity, pressure, and rationalization as the three elements that are typically present when fraud is committed. true\n e) an executive found guilty of falsely certifying a company’s financial statements faces up to a $100,000 fine and five years in prison. false

indicate whether each of the following statements about corporate governance is true or false.\n a) the financial accounting standards board issues a code of ethical behavior by which public accountants must abide. false\n b) the sarbanes oxley act created the public company accounting oversight board (pcaob). true\n c) because of the sarbanes oxley act, audit firms are not permitted to provide many nonaudit services to audit clients. true\n d) the fraud triangle identifies opportunity, pressure, and rationalization as the three elements that are typically present when fraud is committed. true\n e) an executive found guilty of falsely certifying a company’s financial statements faces up to a $100,000 fine and five years in prison. false

Answer

Brief Explanations:

a) The AICPA (American Institute of Certified Public Accountants) and other relevant bodies issue codes of ethical behavior for public accountants, not the FASB. b) The Sarbanes - Oxley Act of 2002 established the PCAOB to oversee public - company audits. c) The Sarbanes - Oxley Act restricted non - audit services to prevent conflicts of interest for audit firms. d) The fraud triangle is a well - known concept in accounting and auditing that includes opportunity, pressure, and rationalization. e) An executive who falsely certifies financial statements can face much stiffer penalties than a $100,000 fine and five years in prison.

Answer:

a) False b) True c) True d) True e) False