What prohibition does the Sarbanes-Oxley Act impose on an accounting firm providing audit and nonaudit services to the same company?
What will be an ideal response?
The act makes it unlawful for a registered public accounting firm to simultaneously provide audit and certain nonaudit services to a public company. If a public accounting firm audits a public company, the accounting firm may not provide the following nonaudit services to the client: 1. bookkeeping services; 2. financial information systems; 3 . appraisal or valuation services; 4. internal audit services; 5. management functions; 6. human resources services; 7. broker, dealer, or investment services; 8. investment banking services; 9. legal services; or 10. any other services the board determines. A certified public accounting firm may provide tax services to audit clients if such tax services are preapproved by the audit committee of the client.
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Ethnic consumers tend to be more brand loyal than their Caucasian counterparts
Indicate whether the statement is true or false
Which of the following is an example of an informational resource control?
A. A personality test B. A delivery-tracking system C. A debt-repayment schedule D. A leadership survey E. A competition analysis
The balance sheet reports:
a. the assets, liabilities, gains, and losses for a period of time. b. the changes in assets, liabilities, and equity for a period of time. c. the assets, expenses, and liabilities as of a certain date. d. the probable future benefits, probable future sacrifices, and residual interest for a period of time. e. the financial condition of an accounting entity as of a particular date.
Which of the following was not reported by the employees in the experimental accounting departments at Detroit Edison?
a. How well the supervisors in their department got along together b. How often their supervisors held meetings and how effective the meetings were c. How much their supervisor understood the way employees look at and felt about things d. How well supervisors linked pay for performance with employees