Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Chapter 2, Problem 10TFQ
To determine

Introduction: Sarbanes-Oxley Act 2002 was formulated by the Country U congress with the main objective to safeguard the interests of the investors from the falsified and fraudulent activities that takes place within a corporation.

To examine: Whether the given statement is true or false.

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Sarbanes-Oxley [SOX] legislation, greatly restricts the types of nonaudit services that auditors may provide to audit clients. It is unlawful for a registered public accounting firm that is currently providing attest services for a client to provide the following services, except: a. Appraisal or valuation services, fairness opinions, or contribution-in-kind reportsb. Internal audit outsourcing servicesc. Developing overall audit strategyd. Bookkeeping or other services related to the accounting records or financial statements of the audit client. Explain the answer in 100-150 words
Explain one way the external auditor's responsibilities regarding a public company's system of internal controls have changed since SAS 78 became effective in the late 1990s. Were these changes necessary? Do you believe the changes have been effective at reducing risk for the company and the users of the financial statements?  Explain your rationale.
The Sarbanes–Oxley Act of 2002 prohibits public accounting firms from providing which ofthe following services to an audit client?a. Bookkeeping services.b. Internal auditing services.c. Valuation services.d. All of the above.
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