Which of the following is true?
A)The existence of generally accepted accounting principles (GAAP)virtually eliminates the need for professional judgment except in very unusual circumstances.
B)Federal securities laws regarding the issuance of misleading financial statements apply not only to the independent auditors,but to management of the company as well.
C)Attaining a passing score on the part of the Uniform CPA Examination that covers professional ethics is evidence of integrity and commitment to ethical conduct.
D)A professional accountant should resign his position rather than become involved in the distribution of financial statements indicating insolvency.

Question

Quizplus · Accepted Answer

Federal securities laws, such as those enforced by the Securities and Exchange Commission (SEC) in the United States, hold both the independent auditors and the management of the company accountable for the issuance of misleading financial statements. This is to ensure the integrity and reliability of financial information provided to investors and the public.

Which of the Following Is True