High-quality accounting requires both high-quality accounting standards and
A) the development of new principles of internal control activities.
B) government intervention to ensure that the public interest is protected.
C) high-quality auditing standards.
D) a reconsideration of SOX to make it less onerous.

Question

Quizplus · Accepted Answer

High-quality accounting standards are necessary, but they must also be audited to ensure compliance and accuracy. Therefore, high-quality auditing standards are also necessary for high-quality accounting. The other options, such as new principles of internal control activities, government intervention, and changes to SOX, may be helpful but are not essential for high-quality accounting.

High-Quality Accounting Requires Both High-Quality Accounting Standards and