SEC exam questions and answers 2024 latest update

Audit Committees -responsible for the appointment and compensation of the external auditor -auditor reports to the committee -rotate the lead audit partner Regulation S-K establishes requirements for all non financial information contained in SEC filings Regulation S-X Prescribes the form and content of the financial statements, and the related notes and schedules SEC authority over GAAP SEC has authority to set standards SEC gave authority the FASB The SEC can override the FASB Only for publicly traded companies SEC issues authoritative documents The SEC may ____ when necessary require additional disclosure May prohibit specific methods from being used Challenge individual statements Overrule the FASB Registration Statements S-1: default form S-3: large companies with significant following; reduced requirements S-4: used for securities issued in connection with business combination transactions S-8: employee stock plans S-11: certain real estate companies Periodic Filings Form 10-K: annual report Form 10-Q: quarterly report; F/S unaudited Form 8-K: used to disclose a unique or significant happening Proxy statements Proxy Statements Allow board to vote on behalf of stockholders Must disclose fully all matters that are to be voted on usually accompanied by an annual report EDGAR Electronic Data Gathering and Retrieval System -allows for public access to SEC filings and information