What is audit quality? The probability that an error or irregularity is detected and reported a) The quality value of the investment b) The equivalent of corporate governance quality c) The quality of the financial statements. 1. d) What is the PCAOB? 2. a) Public Company Accounting Oversight Board is a regulatory body reporting to the Securities and Exchange Commission (SEC) It is an enforcement agency at the international level to ensure international auditor cooperation b) c) Public Cooperation and Oversight Board is an enforcement body to ensure auditor are responsible for audit quality throughout the European Union. d) Price Check and other Businesses is a regulatory body in the U.S. to follow up on business leads from investors What is not one of the benefits of international harmonization of auditing standards? 3. a) Facilitate the exchange of goods among countries. b) Enhance the credibility of the information provided through corporate financial reports. Assure the international capital markets that one set of criteria has been applied consistently across the parent and c) subsidiary companies. Enable audit firms to increase the efficiency and effectiveness of the audit process globally d) The following incomplete sentence (when completed) relate to aspects of corporate governance: 4. should be supplied in a timely manner with information in a form and of a quality appropriate to enable it to discharge its duties a) The board of directors The shareholders. b) The audit committee. c) The external auditor d) er