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True or False

The State Boards of Accountancy issue the CPA Certificates.

KPMG is considered a Big 4 Accounting/Auditing firm.

The Public Company Accounting Oversight Board (PCAOB) is the national professional organization of CPAs engaged in promoting high professional standards to ensure that CPAs serve the public interest.

An Examination report provides limited assurance.

Auditors who audit Public Companies must follow the AICPA Standards.

Management and the auditors have responsibility for the preparation of financial statements in accordance with the applicable financial reporting framework.

An attitude that includes a questioning mind, being alert to conditions that may indicate possible misstatements, and a critical assessment of audit evidence is referred to as Professional Skepticism.

An auditors opinion enhances the degree of confidence that intended uses can place in the financial statements.

To express an opinion, the auditor obtains absolute assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error.

When performing a financial statement audit, the auditors require independence from the client.