You will compose a 400–500-word discussion board thread in your group’s discussion board. Each threa

Aug 17th, 2016
Studypool Tutor
Price: $10 USD

Tutor description

You will compose a 400–500-word discussion board thread in your group’s discussion board. Each thread must cite at least 2 sources in current APA format. Submit a thread on independence between the auditor and the client on financial statement audit engagements.

Word Count: 1091
Showing Page: 1/5
Answer-------------------------IntroductionThe Sarbanes-Oxley Act of 2002 mandates that audit committees be directly responsible forthe oversight of the engagement of the company's independent auditor, and the Securities andExchange Commission (the Commission) rules are designed to ensure that auditors areindependent of their audit clients. The purpose of this brochure is to highlight certainCommission rules and other authoritative pronouncements relevant to audit committeeoversight responsibilities regarding the auditor's independence.Audit committees should also be aware that the PCAOB has Ethics and Independence RulesConcerning Independence, Tax Services, and Contingent Fees.General Standard of Auditor IndependenceThe Commission's general standard of auditor independence is that an auditor's independenceis impaired if the auditor is not, or a reasonable investor with knowledge of all the facts andcircumstances would conclude that the auditor is not, capable of exercising objective andimpartial judgment on all issues encompassed within the audit engagement. To determinewhether an auditor is independent under this standard an audit committee needs to considerall of the relationships between the auditor and the company, the company's management anddirectors, not just those relationships related to reports filed with the Commission. The auditcommittee should consider whether a relationship with or service provided by an auditor:(a) creates a mutual or

Review from student

Studypool Student
" Thank you! Reasonably priced given the quality not just of the tutors but the moderators too. They were helpful and accommodating given my needs. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1823 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors