Auditing and Assurance Services (16th Edition)
16th Edition
ISBN: 9780134065823
Author: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Publisher: PEARSON
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Question
Chapter 5, Problem 12RQ
To determine
Explain the manner in which Sarbanes-Oxley Act of 2002 increase criminal liability for auditors.
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What is a law, such as the Sarbanes–Oxley Act of 2002, under which auditors have obligations?
What is the auditor's role when a client fails to follow the law?
Should the SEC take tolerance on a company that recognizes and reports accounting irregularities and other frauds of the company?
Chapter 5 Solutions
Auditing and Assurance Services (16th Edition)
Ch. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - Prob. 9RQCh. 5 - Prob. 10RQ
Ch. 5 - What potential sanctions does the SEC have against...Ch. 5 - Prob. 12RQCh. 5 - Prob. 13RQCh. 5 - Prob. 14.1MCQCh. 5 - Prob. 14.2MCQCh. 5 - Prob. 14.3MCQCh. 5 - Prob. 15.1MCQCh. 5 - Prob. 15.2MCQCh. 5 - Prob. 15.3MCQCh. 5 - Prob. 16.1MCQCh. 5 - Prob. 16.2MCQCh. 5 - Prob. 16.3MCQCh. 5 - Prob. 17DQPCh. 5 - Prob. 18DQPCh. 5 - Prob. 19DQPCh. 5 - Prob. 20DQPCh. 5 - Prob. 21DQPCh. 5 - Prob. 22DQPCh. 5 - Prob. 23DQPCh. 5 - Under Section 11 of the Securities Act of 1933 and...Ch. 5 - Prob. 25DQPCh. 5 - Prob. 26DQPCh. 5 - Prob. 27C
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Similar questions
- After the passage of the Sarbanes-Oxley Act in 2002, many new responsibilities were put into place for organizations and their management. What are the four significant issues that were addressed by the act and its provisions as presented in this chapter? How does the act and its various requirements help deter fraudulent activity?arrow_forwardWhat are the auditor’s responsibilities under the Corporations Act toreport breaches of the Act? Who does the auditor report to?arrow_forwardDescribe how the Sarbanes-Oxley Act of 2002 has impacted the role of auditors.arrow_forward
- What is the auditor's role in reporting violations of the Corporations Act under the Corporations Act? Who does the auditor have to answer to?arrow_forwardHas the accounting profession created a situation in which auditors’ ethical behavior is impaired by their professional obligations? How does the profession’s view of such obligations relate to how courts tend to view the legal liability of auditors?arrow_forwardWhy is it important for auditors to consider the possibility of fraud by employees or management on every audit engagement? Why must they consider the possibility that the client has not complied with laws.arrow_forward
- What does a third-party user of financial statements have to prove under common law in a suit against an auditor for the auditor's negligence?arrow_forwardWhat are some of the advantages and disadvantages of permitting auditors to provide nonaudit services (such as tax services) to clients?arrow_forwardHow would an auditor communicate known there are violations of the law and the auditor's responsibilities according to the law?arrow_forward
- Who are covered by the anti-bribery provisions? Who are covered by the accounting provisions?arrow_forward2. If an IT auditor discover irregular & illegal acts during the course of his audit, what should the auditor must do?arrow_forwardWhat are the internal auditors’ responsibilities (name at least two)? Why did the internal auditors not adhere to these responsibilities? This is about the Enron's casearrow_forward
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