Question

Which of the following is true regarding the AICPA-approved practice monitoring programs?

a. The Center for Public Company Audit Firms does not offer a peer review program.
b. Firms registered with the PCAOB mustnotenroll in an AICPA-approved practice monitoring program. c. Public accounting firms must be enrolled in an AICPA-approved practice monitoringprogram for members in the firm to be eligible for membership in the AICPA.
d. The AICPA peer review program is administered through the SEC.

Answer 1

The correct statement regarding AICPA-approved practice monitoring programs is that public accounting firms must be enrolled in an AICPA-approved program for membership eligibility.

Step-by-step explanation:

The correct statement regarding the AICPA-approved practice monitoring programs is option c. Public accounting firms must be enrolled in an AICPA-approved practice monitoring program for members in the firm to be eligible for membership in the AICPA.

An AICPA-approved practice monitoring program ensures that public accounting firms are following professional standards and provides a mechanism for quality control within the industry. These programs typically involve peer reviews, where independent firms assess the quality of the firm's accounting and auditing practices.

Firms registered with the PCAOB (Public Company Accounting Oversight Board) are required to be enrolled in a practice monitoring program, but this does not exempt them from enrolling in an AICPA-approved program as well.