The other laws that employers may violate by misclassifying workers as independent contractors:
-The National Labor Relations Act
-The Fair Labor Standards Act
-The Social Security Act
What do you mean by independent contractors?A person, company, or corporation that renders goods or services pursuant to a written contract or a verbal agreement is known as an independent contractor. In contrast to employees, independent contractors work as needed by an employer, sometimes being subject to the law of agency.
Hence, The other laws that employers may violate by misclassifying workers as independent contractors:
-The National Labor Relations Act
-The Fair Labor Standards Act
-The Social Security Act
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What type of unemployment describes the situation of factory workers displaced by automation?.
Sort of unemployment describes the state of affairs of factory employees displaced by using automation: Technological unemployment is the lack of jobs as a result of technological trade.
Unemployment, in keeping with the OECD, is people above a particular age no longer being in paid employment or self-employment however presently available for paintings in the course of the reference length. Unemployment is measured with the aid of the unemployment charge, that is the variety of people who are unemployed as a percentage of the labor pressure.
There may be the most effective legit definition of unemployment—folks who are jobless, actively looking for paintings, and to be had to take a task, as discussed above. The authentic unemployment fee for the nation is the wide variety of unemployed as a percentage of the hard work force (the sum of the hired and unemployed).
The time period of unemployment refers to a state of affairs in which a person actively searches for employment but is not able to find paintings. Unemployment is taken into consideration to be a key measure of the health of the financial system. The maximum frequently used measure of unemployment is the unemployment fee.
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your original purchase price was $950.00 plus 5% sales tax. you enter into an agreement to pay $80.00 per month and where the interest (12.5% apr) is waived for the first 12 months provided you make the required monthly payments; otherwise the interest is accrued from the date of purchase. the late fee is $35.00. how much is your monthly payment?
According to the Question,
Given:
Sales tax: 5% of 950 is $47.50.
Credit total requested: 950 + 47.50 = 997.50
APR: 12.5%
12.5% divided by 12 equals 1.0417% per month in interest.
Interest = 997.50 x 1.0417% = 10.3910 or 10.39*I anticipated that the credit card payment would include the sales tax that was paid. Thus, interest on the aforementioned tax was also calculated. Since the late fee was not included in the original sum, it was not included in the calculation.
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Many marketing managers attempt to influence and shape environmental forces. This is known as the.
Many marketing managers attempt to influence and shape environmental forces. This is known as the proactive approach
A proactive approach is one in which actions are taken before a minor difficulty becomes an issue or a problem.
This approach has the advantage of identifying and resolving any difficulty that a customer may encounter and fixing it right away, as well as being faster in having problems resolved. Mangers shape and influence environmental problems.
The business impact of a proactive approach would be minimal because you would have addressed any issues even before they became a problem.
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under cobra, coverage for dependents of an employee may continue up to 36 months for any of the following events, except:
Under cobra, coverage for dependents of an employee may continue up to 36 months for any of the following events, except termination of the employee. The Consolidated Omnibus Budget Reconciliation Act (COBRA) allows workers and their families who lose their health benefits to maintain group health benefits given by their group health plan.
Limited periods of time in specific circumstances, such as voluntary or involuntary job termination. The Consolidated Omnibus Budget Reconciliation Act of 1985, sometimes known as COBRA, mandates group health plans with 20 or more employees to provide ongoing health coverage for employees. The origins of the name Cabinet Office Briefing Room.
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when a binding price ceiling is imposed on a market for a good, some people who want to buy the good cannot do so.
when a binding price ceiling is imposed on a market for a good, some people who want to buy the good cannot do so. So the correct answer of your question is True.
Binding Price Ceiling
On the other hand, if a price ceiling's level is set below the equilibrium price that would develop in a free market, it renders the free market price illegal and alters the outcome of the market. As a result, we can begin examining the impacts of a price ceiling by figuring out how a legally binding price ceiling will impact a market that is competitive.
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Complete Question
the us government gave land to the railroads to help them expand. what impact did these land grants have on industries in the west? the grants limited the amount of land that was available to industries in the west. the grants allowed industries in the west to grow because they encouraged settlement and new industrial opportunities.
Due to the grants' encouragement of settling and the creation of new industrial prospects, the West's industries were able to expand.
What to you understand by Industries?An industry is a collection of businesses that are connected by their main lines of activity. There are numerous categories of industries in contemporary economies. Sectors are generally used to combine together bigger groups of industry classifications.
The processing and transformation of natural resources (raw materials) into other finished and semi-finished products is the primary function of industry in each nation's economy.
Industries have a significant role in the economic activities of modern man. Any nation's industrial growth is a major factor in determining its economic development. The main components of contemporary civilization are industries, which give us access to the things we need and job possibilities.
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(in metres): perimeter of the sand pit. Perimeter of circle = 2 nr (n = 3,142)
Answer:
pjdjdj xjsk-jhdjdi jjdjidid
tuttle enterprises is considering a project that has the following cash flow and weighted average cost of capital (wacc) data. what is the project's net present value (npv)? note that if a project's projected npv is negative, it should be rejected. wacc: 11.00% year 0 1 2 3 4 cash flows −$1,000 $350 $350 $350 $350
Tuttle enterprises are considering a project that has the following cash flow and the weighted average cost of capital (WACC) data. The projected net present value is 074.36.
A project's net present value is the sum of the destiny values of the net coin flows compounded at the desired fee of going back minus the net funding. if safety gives a series of coin flows with an NPV of $50,000 and an investor will pay exactly $50,000 for it, then the investor's NPV is $0. It method they'll earn something the cut price charge is on the security.
Net present value or NPV is the sum of the prevailing value of coins inflows and outflows. In other phrases, it's far the distinction between the present values of cash inflows and the prevailing value of cash outflows over a while.net gift cost shows how a lot of money an assignment or investment will advantage or lose in terms of the present-day budget. future coins drift would not carefully mirror the current cash drift of an undertaking because of the impact of factors along with inflation and lost compound hobby so NPV adjusts for this reason.
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list 4 stages of development impacting the airline industry and briefly describe how each has impacted the future direction of the industry
The 4 stages of development that impacted the Airline Industry are:-
1. Regulation: Strict government control of fares, routes, and entry into markets Regulation resulted from tight ownership control of fares, limited competition on chosen routes, a small market served, a low frequency of city connections, high fares, government bailouts for air carriers, and incentives to increase airline profitability
2. Liberalization: reducing governmental control, increasing bilateral agreements, expanding into new markets, diversifying into new goods, and specialising in specialised markets.
3. Deregulation results in less airfare, improved service, and no government regulation of the market.
4. Re-regulation: Prevent predatory pricing by regulating prices; prohibiting strikes under the Railway Labor Act; updating the air traffic control system to reduce delays; and encouraging development, consolidation, and concentration.
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purchasing power allows for the comparison of different economies' gnis by equalizing the purchasing power of their currencies.
Purchasing power parity allows for the comparison of different economies' is by equalizing the purchasing power of their currencies.
Purchasing power is the number of products and offerings that can be purchased with a unit of foreign money.
A better actual earnings way a better purchasing power seeing that actual profits refer to the earnings adjusted for inflation. Traditionally, the shopping electricity of money depended heavily upon the nearby cost of gold and silver, but become also made subject to the supply and call for positive items available on the market.
Customer shopping energy measures the cost of money for which clients might also buy goods or offerings. Tied to the consumer rate Index, or the cost of dwelling Index as it's also recognized inside the united states of America, customer purchasing power suggests the degree to which inflation affects purchasers' capacity to buy.
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based on the examples provided in the video, domino’s overall global product strategy is best described as multiple choice creating a totally different product mix in each country. glocalization. offering similar products worldwide, with minor adaptations for local tastes. a strategic alliance. offering the same products worldwide.
Offering similar products worldwide, with minor adaptations for local tastes.
Domino's has used this strategy worldwide that they offering similar all over the world but always taking local tastes and preferences into consideration. They also hire local Chefs to understand the regional flavors.
In biology, adaptations have 3 associated meanings. first off, it's miles the dynamic evolutionary procedure of herbal choice that suits organisms to their surroundings, improving their evolutionary fitness. Secondly, it's miles a kingdom reached by the populace in the course of that method.
A model is defined as a bodily or behavioral function of an animal that allows them a better life in its surroundings. In different words, an adaptation is something on their body or something they do with their bodies that help them discover meals, water, mates, and safe haven.
Adaptations are unique traits that allow animals to live to tell the tale of their environment. There are three styles of variations: structural, physiological, and behavioral.
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An upper-level is manager proposes that his organization implement a system to consolidate shipping and exception data from multiple carriers so that consumers know when their purchase will ship and when it will arrive. What business strategy does this represent?.
An upper-level manager suggests that partnership of his company put in place a mechanism to consolidate shipments; this is a differentiating business approach.
A business is a group of people or an enterprise that engages in commercial, industrial, or professional activities. There may be several business types depending on a variety of factors. Some are for-profit businesses, while others are nonprofit. They are unique from one another in the same way that their ownership does. There are firms, partnerships, and numerous other business structures, for instance. Any individual who creates goods or renders services with the objective of reselling them for a profit is conducting business
A business is a creative organization partnership or team that partakes in professional activities. They might be commercial, industrial, or something else else. Businesses that are for profit aim to maximize profits, whereas nonprofit organizations work to further a cause.
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organizational structure is a key component within the controls section of the marketing plan because it .
Organizational structure is a key component within the controls section of the marketing plan because it holds particular departments and people accountable for the components of the plan that are under their authority.
The authority relationships between marketing staff members are established by the organizational structure of the marketing department, which also identifies who is in charge of what choices and tasks.
One of the more important aspects of organizational structure is how a corporation establishes its hierarchical structure.
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an effect of the sarbanes-oxley act of 2002 was to: multiple choice reduce the circumstances in which one may file securities with the sec. eliminate sec involvement with sales of securities. reduce the accounting profession’s level of self-regulation. require periodic peer reviews of large cpa firms performed by the general accounting office.
An effect of the Sarbanes-Oxley Act of 2002 was to reduce the accounting profession’s level of self-regulation.
What did the Sarbanes-Oxley Act of 2002 do?The Sarbanes-Oxley Act of 2002 was passed in the wake of the Enron and WorldCom financial sagas in order to reduce the incidence of companies misleading their stockholders.
The Sarbanes-Oxley Act of 2002 led to more regulation over the accounting profession and a reduction in their self-regulation because large accounting companies had been implicated in the saga.
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If a taxpayer does not have enough taxes withdrawn from her paychecks throughout the year to equal the total tax she is required to pay that year, she will owe the government the remaining balance. on the other hand, if the taxpayer has more money withheld for taxes than she is required to pay that year, she will receive a refund for the difference. mary has determined that, based on her annual income of $36,000, her federal income tax for the year is $5,424. mary gets paid on a bi-weekly basis, giving her 26 paychecks throughout the 52 week year. what is the minimum amount mary must have withheld from each of her 26 bi-weekly paychecks in order to avoid owing the federal government at the end of the year? a. $104.30 b. $208.62 c. $692.31 d. $1,384.62 please select the best answer from the choices provided a b c d
Option b $ 208.62 is the correct option of the given statement.
What is meant by income tax?The word "income tax" refers to a category of tax that governments levy on revenue produced by people and enterprises within their territorial authority. To assess their tax liabilities, taxpayers are required by law to file an income tax return each year. Governments get their money through income taxes.
Calculation of the statement is here,
Mary's anticipated annual income taxes are $5,424, therefore all we have to do to figure out how much should be withheld every two weeks is divide her total projected taxes by 26 weeks ($5,424 / 26 weeks = $208.62 $209; Mary's estimated annual income taxes are $5,424). In tax forms and payments, cents are typically excluded; instead, you must round up or down. In this situation, rounding up is necessary; even computer software does so.
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The correct answer to the given statement is $ 208.62. To figure release your gross annual income, multiply your monthly or weekly take-home pay by the digit of times you are paid separately per year.
What is Annual income?The amount of money you earn in one fiscal year is referred to as your annual income. Your annual income includes your yearly salary as well as bonuses, commissions, overtime, and tips. It may be referred to in two ways: gross annual income and net annual income. How to Determine Annual Income To calculate an annual salary, multiply your gross pay (before taxes) by the number of pay periods in a year. If an employee earns $1,500 per week, his or her annual income would be $1,500 x 52 = $78,000. If you work eight hours per day, five days per week, 52 weeks per year, you will have worked 2,000 hours in a year.To learn more about Annual income, refer to:
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how have airplanes changed the way the world does business? choose four answers.by making long trips less expensiveby shortening travel timeby opening up new trade markets worldwideby connecting business partners the fastestby increasing options for travel destinations
Airplanes changed the way the world does business by making long trips less expensive.
Air transport business generates a complete of 13.5 million jobs (direct, indirect and triggered). of these, 5 million are direct jobs. contributes round US$ 880 billion a 12 months to global GDP, considering direct, oblique and precipitated affects – equal to two.4% of global GDP. Its direct effect on GDP is US$ 330 billion.
Our financial system would be considerably slower, as items couldn't be moved as speedy and perishable objects would not be capable of make the long trip by way of land without going terrible, or with out big quantities of equipment preserving them cool. movies would be bland, as aerial shots would be non-existent.
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How have airplanes changed the way the world does business? Choose four answers.
by making long trips less expensive
by shortening travel time
by opening up new trade markets worldwide
by connecting business partners the fastest
by increasing options for travel destinations
A, B, C, E ed 2023
l. lyons started a business and invested $4,000 in exchange for common stock. illustrate how to record the transaction in the t-accounts by completing the following sentence. the cash account would be (debited/credited) on the (left/right) side of the t-account and the common stock account would be (debited/credited) on the (left/right) side of the t-account
The way that the transaction of investing $4,000 for common stock would be recorded is the cash account would be debited on the left side of the t-account and the common stock account would be credited on the right side of the t-account.
Where is common stock recorded?When a person invests in a company, the common stock account is credited to show that common stock has been acquired. Credits go to the right side of a T-account.
Because cash was used to acquire the common stock, the business will gain cash which will go to the cash account as a debit amount which is recorded in the left of the T-account.
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almonds are a crop that grows on trees. farmers do not need to replant trees every year to produce a crop of almonds. it takes at least five years after planting for trees to bear fruit. several factors such as weather, disease, and long term projections about price impact the supply of almonds available. barley is a grass that must be planted each year to produce a crop. the growing season is short, about three to four months. several factors influence farmers' decisions to plant barley each year, including price, weather, and disease.
Almonds are a crop that grows on trees and takes several years to bear fruit. A. Almonds have more inelastic supply in the short run because little can be done to change production in the short run.
What is supply?Supply is the availability of goods or commodity that is available to meet the demand, to be sold and to be consumed by the ultimate consumer.
The goods pass through a list of channels to the ultimate consumer, the economists regularize the supply to meet the demand of the specific commodity.
On the other hand demand is the want that is developed at the consumer end and this demand needs to be met for the economy to sustain, if the demand is not met the consumer will consume imported goods.
Almond is inelastic as the production or the supply is less in the short run as it takes at least five years for the plant of almond to bear the fruit.
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Missing options of the question are
Based on this information. Which of the followings are true?
a. Almonds have a more inelastic supply in the short run because little can be done to change production in the short run.
b. It is impossible to infer anything about the price elasticity of supply for these two crops.
c. Barley has a more inelastic supply in the short run because barley is more dependent on price in the short run.
d. The crops have the same price elasticity of supply because they are both agricultural commodities.
question 5 you're anticipating audience questions, especially one asking how you were able to connect the campaign with the results. you'd then include a slide addressing what?
The detail you need to add to your next slide should address the issue of questions from the audience.
What is a Presentation?This refers to the use of diagrams, charts, and tables to present an idea to an audience.
Hence, we can see that The detail you need to add to your next slide should address the issue of questions from the audience.
This is because you are being proactive by adding a slide of potential questions from the audience.
This action would help you have answers as you know potential questions from the audience and adding a slide of the possible Q/A would address this.
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you can buy a property today for $4.0 million and sell it in 6 years for $5.0 million. (you earn no rental income on the property.) a. if the interest rate is 9%, what is the present value of the sales price? note: do not round intermediate calculations. enter your answer in millions rounded to 3 decimal places. b. is the property investment attractive to you? c-1. what is the present value of the future cash flows if you also could earn $300,000 per-year rent on the property? the rent is paid at the end of each year. note: do not round intermediate calculations. enter your answer in millions rounded to 3 decimal places. c-2. is the property investment attractive to you now?
a) If the interest rate is 9%, the present value of the sales proceeds is $2.981 million.
b) The property investment is not attractive because the present value of the sales proceeds is far less than the investment cost.
c-1) The present value of the future cash flows with an annual rent of $300,000 is $4,327,112.2.
c-2) The property investment is now attractive because the total present value of the future cash flows exceeds the investment cost by $327,112.20 (NPV).
Data and Calculations:Cost of a property today = $4.0 million
Sales proceeds in 6 years = $5.0 million
Annual rent = $300,000
Interest rate = 9%
Discounted factor for 9% in 6 years = 0.5962673
Present value of sales proceeds = $2,981,336.63 ($5 million x 0.5962673)
Present value annuity factor of 9% in 6 years = 4.4859186
Present value of annual rent = $1,345,775.58 ($300,000 x 4.4859186)
Total present value with annual rent = $4,327,112.21 ($2,981,336.63 + $1,345,775.58)
Calculations for a) Sales Proceeds:N (# of periods) = 6 years
I/Y (Interest per year) = 9%
PMT (Periodic Payment) = $0
FV (Future Value) = $5,000,000
Results:
PV = $2,981,336.63
Total Interest $2,018,663.37
Calculations for c) Sales Proceeds and Annual Rent:N (# of periods) = 6 years
I/Y (Interest per year) = 9%
PMT (Periodic Payment) = $300,000
FV (Future Value) = $5,000,000
Results:
PV = $4,327,112.21
Sum of all periodic payments = $1,800,000 ($300,000 x 6)
Total Interest $2,472,887.79
Thus, based on the above calculations, the property investment becomes attractive, based on the concept of present value, if annual rent of $300,000 is received.
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sam is investing in a partnership with jerry. sam contributes equipment that originally cost $63,000, has a book value of $30,000, and a fair market value of $39,000. the entry that the partnership makes to record sam's initial contribution includes a
Sam is investing in a partnership with jerry. sam contributes equipment that originally cost $63,000, has a book value of $30,000, and a fair market value of $39,000. the entry that the partnership makes to record sam's initial contribution includes a debit to Equipment for $39,000.
A partnership is classified as a funding partnership if at least ninety percent of its assets are investments in stocks, bonds, alternatives, and similar intangible belongings, and as a minimum, ninety percent of its profits are derived from that form of asset. whilst a companion invests price range in a partnership, the transaction includes a debit to the coins account and a credit score to a separate capital account.
A capital account records the stability of the investments from and distributions to an accomplice. A partnership must document annual data and go back to file the earnings deductions gains, losses, and many others. from its operations, however, it does not pay earnings tax. alternatively, it passes through earnings or losses to its companions. this is because of the specific ownership interests of a partnership and a business enterprise shape.
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mary kay owns a nursery. the trucks, handcarts, and forklift she purchased for the business are called investments.
Mary kay owns a nursery. the trucks, handcarts, and forklift she purchased for the business are called capital investments.
What is capital investment?Capital investment can be defined as the way in which a company or an organization acquire or own an asset in which the asset acquire are for long term use.
Example of physical capital asset includes the following:
Machinery/TrucksBuildingProperties etcMost companies tend to invest their money in assets by acquiring this assets because the assets will add value to their business.
Therefore Mary kay owns a nursery. the trucks, handcarts, and forklift she purchased for the business are called capital investments.
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microeconomic theory and applications, 13th edition, edgar k. browning and mark a. zupan, john wiley
Microeconomics is the study of how individuals and groups interact and decide how to allocate resources. According to the supply and demand hypothesis in microeconomics, the market is believed to be ideal.
What is the importance of microeconomics theory?Microeconomics is significant from both a theoretical and applied perspective. It assists in creating economic plans that improve output efficiency and raise social welfare.
Microeconomics explains how a capitalist economy works, where each unit is allowed to make its own choices.
Thus, Microeconomics is the study of how individuals and groups interact and decide how to allocate resources.
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ken, a licensee, has published an ad claiming that he can sell homes for 25% more than any of his competitors. the federal trade commission determined this to be a deceptive ad. what might the ftc require ken to do as a penalty for his deception?
As a penalty for his deception ken needs to take out new ads correcting the misinformation in his original ad.
A punishment imposed or incurred for contravention of law or rule. A loss, forfeiture, suffering, or the like, to which one topic oneself with the aid of nonfulfillment of a few obligations. something this is forfeited, as an amount of money.
A penalty is a clause that sets a harsh economic punishment for the breach of a settlement time period or failure to uphold contractual responsibilities. Before everything view, this type of clause can also appear attractive to people who wish to make sure that the alternative birthday celebration performs its obligations.
Penalty provision as in keeping with segment 20(1) of the RTI Act, the CIC, or the SIC, has the power to impose a penalty at the PIO, at the same time as selecting a criticism or a 2d attraction. The penalty may be imposed, if the PIO has: Refused to get hold of an application.
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In business messages, the quantity of words enhances the quality of the message. True or false
The statement, In business messages, the quantity of words enhances the quality of the message is False.
When a brand communicates with a consumer via a messaging channel, it is said to be doing business messages. The channels enable back-and-forth, two-way discussions in words instead of communications blasts like adverts or mass email send, empowering both consumers and businesses to communicate with one another. Clear goals to educate, convince, or work together in words with the target audience are characteristics of effective business messaging. The intended audience's comprehension level, possible response, and relationship to the composer should all be taken into consideration while crafting the message. There are four major categories of corporate messages: directional (i.e., up or down), lateral (i.e., to the side), and external. Within a company, there is no one "best" approach to communication.
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Garnishment of wage means that a:
A. Creditor is earning interest on your wages
B. Creditor is going to foreclose on your property
C. Lender is going to take you to court to collect on a debt
D. Lender is taking money from your paycheck or bank account
Garnishment of wage means that a lender is going to take you to court to collect on a debt. It alludes to a legal procedure that directs a third party to take money out of a debtor's paycheck or bank account on their behalf.
The third party or lender, also referred to as the garnishee, is frequently the debtor's employer. Employers are not allowed to terminate a worker in order to avoid processing a garnishment wage under federal law.
For debts including unpaid taxes, cash penalties, child support obligations, and unpaid student loans, garnishments are used. In order to garnish a debtor's wages, a lender normally needs to acquire a court judgement establishing that the debtor owes money and has missed payments.
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Answer:
Lender is taking money from your paycheck or bank account
Explanation:
what assumption of the keynesian model gives rise to the ‘elastic region’ of the keynesian aggregate supply curve? explain.
The assumption of the Keynesian model gives rise to the ‘elastic region’ of the Keynesian aggregate supply curve will be the potential for different levels of spare capacity in the long run.
Keynesians believe that changes in any component of spending, whether it be consumption, investment, or government spending, change output because prices are somewhat fixed. For example, if government spending increases and all other spending factors remain constant, output will increase.
What is the point of Keynesian economics?
Keynesian and his followers argued that in order to achieve full employment and economic growth, individuals should save less and spend more, increasing their marginal propensity to consume. I believed that. In this theory, every $1 he spends on fiscal stimulus will eventually give him $1 more in growth.
What are the characteristics of Keynesian theory?
Output Employment and income are interchangeable terms.Employment and income depend on effective demand.Effective demand is determined by aggregate demand and aggregate supply.Keynesian focuses on aggregate demand because aggregate supply is constant in the short run.Learn more about Keynesian here:- https://brainly.com/question/6505999
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a social worker has recently terminated therapy with a client. two months later she hires the client as a paid social work intern who is to function under her supervision. this would be considered:
A social worker has recently terminated therapy with a client. two months later she hires the client as a paid social work intern who is to function under her supervision. this would be considered Unethical.
Social work is a practice-based profession that promotes social change, development, cohesion and the empowerment of people and communities. Social work practice involves the understanding of human development, behavior and the social, economic and cultural institutions and interactions. Social work professionals working with families and institutions have helped to provide and advance the following social impacts: Civil Rights, Unemployment Insurance, Disability Pay , Workers’ Compensation and Reduced Mental Health Stigma.
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summary information from the financial statements of two companies competing in the same industry follows. ryan company and barco company
An example of the financial statement is studying a corporation's performance and fashion with the aid of calculating monetary ratios like profitability ratios, which include the internet profit ratio, which is calculated by means of internet financial divided via income.
It affords inner and external stakeholders the opportunity to make knowledgeable selections concerning investing. monetary declaration financial additionally affords lending establishments with an unbiased view of a business's monetary health, that's helpful for making lending decisions.
The most critical financial statement for the general public of customers is probably to be the income statement since it reveals the potential of a business to generate earnings. additionally, the information listed at the income assertion is more often than not in notably modern-day greenbacks, and so represents an inexpensive degree of accuracy.
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responsibility for setting all audit standards to be followed on audit of public companies rests with the .
Responsibility for setting all audit standards to be followed in the audit of public companies rests with the NGOs.
Who is responsible for setting auditing standards?Certified public accountants receive standards, guidelines, auditing, attestation, and quality control statements from the Auditing Standards Board (ASB) (CPAs). It is the senior technical committee of the AIPCA, and its job is to create generally accepted auditing standards (GAAS) for private companies.
The auditor has a duty to prepare and carry out the audit in order to get a reasonable assurance regarding the absence of a major misstatement, whether brought on by fraud or error.
In order to reduce audit risk, the Public Company Accounting Oversight Board (PCAOB), a nonprofit organization, regulates audits of publicly traded corporations. In order to address the accounting crises of the late 1990s, the PCAOB was founded concurrently with the Sarbanes-Oxley Act of 2002.
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