Explain the restrictions placed on the non-attest service performance by the Sarbanes-Oxley Act of 2002.

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Answer 1

Question

Chapter 3, Problem 47ITC

a.

To determine

Explain the restrictions placed on the non-attest service performance by the Sarbanes-Oxley Act of 2002.

b.

To determine

Provide arguments for restricting nonattest services for audit clients.

c.

To determine

Provide arguments against restricting nonattest services for audit clients.

d.

To determine

Provide opinion based on the arguments listed above.

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Students have asked these similar questions

Do you believe that the SEC should prohibit auditors from providing all nonaudit services for audit clients? Use ethical reasoning to support your answer.

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

Some criticize the accounting profession for using expressions in the audit report that seem to be building in deniability should the client commit a fraudulent act. What expressions enable the CPA to build a defense should the audit wind up in the courtroom? Do you see anything wrong with these expressions from an ethical point of view?

Answer 2

Question

Chapter 3, Problem 47ITC

a.

To determine

Explain the restrictions placed on the non-attest service performance by the Sarbanes-Oxley Act of 2002.

b.

To determine

Provide arguments for restricting nonattest services for audit clients.

c.

To determine

Provide arguments against restricting nonattest services for audit clients.

d.

To determine

Provide opinion based on the arguments listed above.

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Answer 3

Question

Chapter 3, Problem 47ITC

a.

To determine

Explain the restrictions placed on the non-attest service performance by the Sarbanes-Oxley Act of 2002.

b.

To determine

Provide arguments for restricting nonattest services for audit clients.

c.

To determine

Provide arguments against restricting nonattest services for audit clients.

d.

To determine

Provide opinion based on the arguments listed above.

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Answer 4

Question

Chapter 3, Problem 47ITC

a.

To determine

Explain the restrictions placed on the non-attest service performance by the Sarbanes-Oxley Act of 2002.

b.

To determine

Provide arguments for restricting nonattest services for audit clients.

c.

To determine

Provide arguments against restricting nonattest services for audit clients.

d.

To determine

Provide opinion based on the arguments listed above.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 47ITC

a.

To determine

Explain the restrictions placed on the non-attest service performance by the Sarbanes-Oxley Act of 2002.

b.

To determine

Provide arguments for restricting nonattest services for audit clients.

c.

To determine

Provide arguments against restricting nonattest services for audit clients.

d.

To determine

Provide opinion based on the arguments listed above.

Answer 6

Chapter 3, Problem 47ITC

a.

To determine

Explain the restrictions placed on the non-attest service performance by the Sarbanes-Oxley Act of 2002.

Answer 7

Chapter 3, Problem 47ITC

a.

To determine

Explain the restrictions placed on the non-attest service performance by the Sarbanes-Oxley Act of 2002.

Answer 8

b.

To determine

Provide arguments for restricting nonattest services for audit clients.

Answer 9

b.

To determine

Provide arguments for restricting nonattest services for audit clients.

Answer 10

c.

To determine

Provide arguments against restricting nonattest services for audit clients.

Answer 11

c.

To determine

Provide arguments against restricting nonattest services for audit clients.

Answer 12

d.

To determine

Provide opinion based on the arguments listed above.

Answer 13

d.

To determine

Provide opinion based on the arguments listed above.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 3 - What is meant by the term ethical dilemma?...Ch. 3 - What are the two major types of constraints on...Ch. 3 - Prob. 3RQ Ch. 3 - Prob. 4RQ Ch. 3 - Prob. 5RQ Ch. 3 - Prob. 6RQ Ch. 3 - Prob. 7RQ Ch. 3 - Bill Scott works as a manager in the Phoenix...Ch. 3 - Prob. 9RQ Ch. 3 - Prob. 10RQ

Explain the restrictions placed on the non-attest service performance by the Sarbanes-Oxley Act of 2002.

Solution Summary: The author explains the restrictions placed on non-attest service performance by the Sarbanes-Oxley Act of 2002.

Explain the restrictions placed on the non-attest service performance by the Sarbanes-Oxley Act of 2002.

Provide arguments for restricting nonattest services for audit clients.

Provide arguments against restricting nonattest services for audit clients.

Provide opinion based on the arguments listed above.

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Chapter 3 Solutions