The Sarbanes-Oxley Act (SOX) requires that an auditor must:- Issue an internal control report following the evaluation of internal controls.- Provide continuous consulting services to help prevent fraud.- Issue a sustainability report along with the internal control report.- Rotate who can lead an audit every three years.(Note: The image is a multiple-choice question without any graphs or diagrams.)

The Sarbanes Oxley Act requires all the financial reports so that it can include the Internal…

The Sarbanes-Oxley Act (SOX) requires that an auditor must O issue an internal control report following the evaluation of internal controls. O provide continuous consulting services to help prevent fraud. O issue a sustainability report along with the internal control report. O rotate who can lead an audit every three years.

The Sarbanes-Oxley Act (SOX) requires that an auditor must O issue an internal control report following the evaluation of internal controls. O provide continuous consulting services to help prevent fraud. O issue a sustainability report along with the internal control report. O rotate who can lead an audit every three years.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

SG Motor Cars Co (PSG) manufactures a range of motor cars, and its year end is 30 June 2020. You are the assistant audit manager of Intermiami & Co and are currently preparing the audit programmes for the year-endaudit of PSG. You have had a meeting with your audit manager, and he has notified you of the following issues identified during the audit risk assessment process:Land and buildingsPSG has a policy of revaluing land and buildings; this is undertaken on a rolling basis over a five-year period. During the year PSG requested an external independent valuer to revalue a number of properties, including awarehouse purchased in January 2020. Depreciation is charged on a straight-line basis.Work in progressPSG undertakes continuous production of cars, 24 hours a day, seven days a week. An inventory count is to be undertaken at the year end and Intermiami & Co will attend. You are responsible for the audit of work inprogress (WIP) and will be part of the team attending the count…
An independent CPA is engaged to audit the financial statements of Holland City . The city has a variety of revenue sources including a $350,000 grant from the U.S. Department of Housing and Urban Development. Which of the following audit standards must the CPA use when conducting the audit? The AICPA audit standards. The GAO audit standards. The OMB audit standards. All of the standards listed in the choices.
In a 3-4 page outline, create an outline of audit requirements that a nonprofit in your state would need to prepare for in conducting their annual audit. • Include the title of the requirement, the related statute, and the actions the organization would need to take to address the requirement. ■ At least one page of this outline should focus on requirements related to the board.
Contractors Depot Co is an established builders’ merchant, and a new audit client of your audit firm. The next financial statements of the company due for audit, will be those for the year ending 31 July 2019 and the following information is relevant for the audit. The company operates from 24 sites around the country. All sites comprise a shop and a yard with the largest site also accommodating the company’s head office. During the year, each of the shops was subjected to a major repair and refurbishment programme. Each site sells a wide range of products, by way of customer collection or by company delivery, including timber and consumable materials, decorating and general building products. Ranges of tools and equipment are also available both for sale and for short-term hire, whilst very large stockpiles of sand and gravel are kept in each yard to meet customer demand. Contractors Depot Co owns a large volume of mobile plant and equipment to service its yard and delivery…
2. An audit firm is required to perform a risk assessment in order to determine whether to accept the new client or continue with repeat clients annually. Question 2 options: a) True b) False
Many diverse types of entities undergo audits. Provide three reasons for each of the following types of entities to undertake an annual audit, and indicate the types of benefits they would receive from an audit: Entities Types of entities Types of benefits a Food for the Students charity 1. 2. 3. b BHP Billiton Nickel West Pty Ltd public company 1. 2. 3. c Canterbury League Club Club 1. 2. 3. d City of Canterbury-Bankstown Council Municipal government 1. 2. 3.