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.

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…

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.

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