AUD 2 Professional Responsibilities and Ethics 8 Flashcards
1
Q
Privacy Acts
Congress passed certain laws that are designed to protect ind_______s from professionals or institutions that may use their client information in an appropriate manner.
A
Privacy Acts
Congress passed certain laws that are designed to protect individuals from professionals or institutions that may use their client information in an appropriate manner.
2
Q
Privacy Acts
Congress passed certain laws that are designed to protect individuals from professionals or institutions that may use their client in_________ in an appropriate manner.
A
Privacy Acts
Congress passed certain laws that are designed to protect individuals from professionals or institutions that may use their client information in an appropriate manner.
3
Q
Privacy Acts
Congress passed certain laws that are designed to protect individuals from professionals or ins_______s that may use their client information in an appropriate manner.
A
Privacy Acts
Congress passed certain laws that are designed to protect individuals from professionals or institutions that may use their client information in an appropriate manner.
4
Q
Privacy Acts
Congress passed certain laws that are designed to protect individuals from professionals or institutions that may use their client information in an appropriate manner.
The Gramm-Leach–Bliley Act requires t__ planners and t__ preparers to notify clients about the information that will be obtained and policies for protecting the client’s information.
A
Privacy Acts
Congress passed certain laws that are designed to protect individuals from professionals or institutions that may use their client information in an appropriate manner.
The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for protecting the client’s information.
5
Q
Privacy Acts
The Gramm-Leach–Bliley Act requires tax planners and tax preparers to no___y clients about the information that will be obtained and policies for protecting the client’s information.
A
Privacy Acts
The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for protecting the client’s information.
6
Q
Privacy Acts
The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be ob___ed and policies for protecting the client’s information.
A
Privacy Acts
The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for protecting the client’s information.
7
Q
Privacy Acts
The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for pro___ing the client’s information.
A
Privacy Acts
The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for protecting the client’s information.
8
Q
Privacy Acts
The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for protecting the client’s in________n.
A
Privacy Acts
The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for protecting the client’s information.
9
Q
Privacy Acts
The Financial Services Modernization Act of 1999 pro_____s a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.
A
Privacy Acts
The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.
10
Q
Privacy Acts
The Financial Services Modernization Act of 1999 prohibits a f_______l institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.
A
Privacy Acts
The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.
11
Q
Privacy Acts
The Financial Services Modernization Act of 1999 prohibits a financial institution from s___ing client information, other than with other financial institutions, without first obtaining the customer’s consent.
A
Privacy Acts
The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.
12
Q
Privacy Acts
The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s co_____.
A
Privacy Acts
The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.
13
Q
Privacy Acts
The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without f____ obtaining the customer’s consent.
A
Privacy Acts
The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.
14
Q
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing t__ planning, financial planning or t__ returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
A
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
15
Q
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain dis_______s be made either in writing or electronically to all clients.
A
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
16
Q
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in w___ing or ele________y to all clients.
A
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
17
Q
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to ___ clients.
A
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
18
Q
Privacy Acts
Fe_____ Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
A
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
19
Q
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax p_____ing, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
A
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
20
Q
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of pe\_\_\_\_\_\_ info to be collected, disclosed and to which third parties this info may be disclosed.
A
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
21
Q
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, dis\_\_\_\_ed and to which third parties this info may be dis\_\_\_\_ed.
A
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.
22
Q
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which th\_\_\_ parties this info may be disclosed.
A
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
23
Q
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s po\_\_\_\_ on sharing info of past clients and the po\_\_\_\_ regarding protecting the confidentiality, security and integrity of the info.
A
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.
24
Q
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on s\_\_\_ing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.
A
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.
25
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding pro_____ing the confidentiality, security and integrity of the info.
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.
26
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding protecting the con_________y, security and integrity of the info.
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.
27
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, se_____y and integrity of the info.
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.
28
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and in_____y of the info.
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.
29
Privacy Acts
Federal Privacy Dis_______ Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.
Privacy Acts
Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act
• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.
o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.
o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.
30
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from s___ing private personal info to nonaffiliated third parties without prior notice to the client.
Can still s____ with other financial institutions and its affiliates.
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.
Can still share with other financial institutions and its affiliates.
31
Privacy Acts
The Financial Services Modernization Act of 1999
• Pro_____s financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.
Can still share with other financial institutions and its affiliates.
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.
Can still share with other financial institutions and its affiliates.
32
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from sharing pri____ personal info to nonaffiliated third parties without prior notice to the client.
Can still share with other financial institutions and its affiliates.
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.
Can still share with other financial institutions and its affiliates.
33
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from sharing private personal info to nona______ed third parties without prior notice to the client.
Can still share with other financial institutions and its affiliates.
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.
Can still share with other financial institutions and its affiliates.
34
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from sharing private personal info to nonaffiliated th___ parties without prior notice to the client.
Can still share with other financial institutions and its affiliates.
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.
Can still share with other financial institutions and its affiliates.
35
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties w_____ prior notice to the client.
Can still share with other financial institutions and its affiliates.
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.
Can still share with other financial institutions and its affiliates.
36
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior no____ to the client.
Can still share with other financial institutions and its affiliates.
Privacy Acts
The Financial Services Modernization Act of 1999
• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.
Can still share with other financial institutions and its affiliates.
37
Working Paper (Audit Documentation)
The accountant, not the c_____, owns the working papers that an accountant creates during an engagement.
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
38
Working Paper (Audit Documentation)
The acc_______, not the client, owns the working papers that an accountant creates during an engagement.
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
39
Working Paper (Audit Documentation)
The accountant, not the client, o__s the working papers that an accountant creates during an engagement.
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
40
Working Paper (Audit Documentation)
The accountant, not the client, owns the working p____s that an accountant creates during an engagement.
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
41
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant cr____s during an engagement.
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
42
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an en__________.
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
43
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must ma______ confidentiality, and
cannot provide the papers or information obtained during engagements to other parties
without the permission of the client
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must maintain confidentiality, and
cannot provide the papers or information obtained during engagements to other parties
without the permission of the client
44
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must maintain con________y, and
cannot provide the papers or information obtained during engagements to other parties
without the permission of the client
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must maintain confidentiality, and
cannot provide the papers or information obtained during engagements to other parties
without the permission of the client
45
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must maintain confidentiality, and
cannot provide the papers or information obtained during en_________s to other parties
without the per________ of the client
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must maintain confidentiality, and
cannot provide the papers or information obtained during engagements to other parties
without the permission of the client
46
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must maintain confidentiality, and
cannot pr_____ the papers or information obtained during engagements to other parties
without the permission of the client
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must maintain confidentiality, and
cannot provide the papers or information obtained during engagements to other parties
without the permission of the client
47
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must maintain confidentiality, and
cannot provide the pa___s or information obtained during engagements to other parties
without the permission of the client
(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must maintain confidentiality, and
cannot provide the papers or information obtained during engagements to other parties
without the permission of the client
(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).
48
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must maintain confidentiality, and
cannot provide the papers or information obtained during engagements to other parties
without the permission of the client
(it should be noted that client con________ty does not preclude a CPA from providing access to other members of his/her firm).
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must maintain confidentiality, and
cannot provide the papers or information obtained during engagements to other parties
without the permission of the client
(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).
49
Working Paper (Audit Documentation)
(it should be noted that client confidentiality does not preclude a CPA from providing ac___s to other members of his/her firm).
Working Paper (Audit Documentation)
(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).
50
Working Paper (Audit Documentation)
(it should be noted that client confidentiality does not preclude a ___ from providing access to other members of his/her firm).
Working Paper (Audit Documentation)
(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).
51
Working Paper (Audit Documentation)
(it should be noted that client confidentiality does not preclude a CPA from pro___ing access to other members of his/her firm).
Working Paper (Audit Documentation)
(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).
52
Working Paper (Audit Documentation)
(it should be noted that client confidentiality does not preclude a CPA from providing access to other me____s of his/her firm).
Working Paper (Audit Documentation)
(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).
53
Working Paper (Audit Documentation)
(it should be noted that c____ confidentiality does not preclude a CPA from providing access to other members of his/her firm).
Working Paper (Audit Documentation)
(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).
54
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant m___ maintain confidentiality, and
cannot provide the papers or information obtained during engagements to other parties
without the permission of the client
(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).
Working Paper (Audit Documentation)
The accountant, not the client, owns the working papers that an accountant creates during an engagement.
Nevertheless, the accountant must maintain confidentiality, and
cannot provide the papers or information obtained during engagements to other parties
without the permission of the client
(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).
55
Working Paper (Audit Documentation)
There are some exceptions to con________ty, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena – the accountant must honor a valid court order to turn over information.
* IRS administrative subpoena.
* Court order (unless rare state with privilege statute).
* Quality control peer review – The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
56
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid sub____a
* IRS administrative subpoena
* Court order
* Quality control peer review
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
57
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Va___ subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
58
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* I__ administrative subpoena
* Court order
* Quality control peer review
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
59
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative sub____a
* Court order
* Quality control peer review
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
60
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS ad_________e subpoena
* Court order
* Quality control peer review
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
61
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court o____
* Quality control peer review
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
62
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Co___ order
* Quality control peer review
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
63
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control p____ review
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
64
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer re____
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
65
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality co_____ peer review
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
66
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Qu____y control peer review
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena
* IRS administrative subpoena
* Court order
* Quality control peer review
67
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Valid subpoena – the ac________ must honor a valid court order to turn over information.
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena – the accountant must honor a valid court order to turn over information.
* IRS administrative subpoena.
* Court order (unless rare state with privilege statute).
* Quality control peer review – The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
68
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Valid subpoena – the accountant must honor a valid court order to turn over in___________.
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Valid subpoena – the accountant must honor a valid court order to turn over information.
69
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Valid subpoena – the accountant must h____ a valid court order to turn over information.
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Valid subpoena – the accountant must honor a valid court order to turn over information.
70
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena – the accountant must honor a valid court order to turn over information.
* IRS administrative subpoena.
• Court order
(unless rare state with privilege statute).
• Quality control peer review
– The acc________ may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena – the accountant must honor a valid court order to turn over information.
* IRS administrative subpoena.
• Court order
(unless rare state with privilege statute).
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
71
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other acc_______s and the PCAOB to see confidential information in connection with a valid program of peer review.
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
72
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other accountants and the P_____B to see confidential information in connection with a valid program of peer review.
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
73
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see con________ information in connection with a valid program of peer review.
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
74
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a va___ program of peer review.
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
75
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of p___ review.
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
76
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may a____ other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
77
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to s__ confidential information in connection with a valid program of peer review.
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
78
Working Paper (Audit Documentation)
There are some ex_______s to confidentiality, including:
* Valid subpoena – the accountant must honor a valid court order to turn over information.
* IRS administrative subpoena.
• Court order
(unless rare state with privil___e statute).
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
Working Paper (Audit Documentation)
There are some exceptions to confidentiality, including:
* Valid subpoena – the accountant must honor a valid court order to turn over information.
* IRS administrative subpoena.
• Court order
(unless rare state with privilege statute).
• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.
79
Working Paper (Audit Documentation)
Common law does not recognize the concept of priv____e, which would allow the accountant to refuse to honor a court subpoena.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
80
Working Paper (Audit Documentation)
Common l__ does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
81
Working Paper (Audit Documentation)
Common law does not re_______e the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
82
Working Paper (Audit Documentation)
Com___ law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
83
Working Paper (Audit Documentation)
Common law does not recognize the con____ of privilege, which would allow the accountant to refuse to honor a court subpoena.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
84
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to re____ to honor a court subpoena.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
85
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would a____ the accountant to refuse to honor a court subpoena.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
86
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to h____ a court subpoena.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
87
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a c____ subpoena.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
88
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court sub_____.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
89
Working Paper (Audit Documentation)
Common law does __ recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
90
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted priv____e statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
91
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege sta___es, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
92
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the fed_____ government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
93
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes w____ing p_____s developed in connection with the preparation of a tax return to be privileged in certain circumstances.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
94
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers dev_____ed in connection with the preparation of a tax return to be privileged in certain circumstances.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
95
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a ___ return to be privileged in certain circumstances.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
96
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax re____ to be privileged in certain circumstances.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
97
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privi___ed in certain circumstances.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
98
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circ________es.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
99
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A sm____ number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
100
Working Paper (Audit Documentation)
Nevertheless, priv_____e may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
101
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the acc_______ has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
102
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of priv______e is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
103
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the acc________ may not assert privilege even where privilege statutes exist if the client waives the privilege.
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
104
Working Paper (Audit Documentation)
Nevertheless, privilege may ___ be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
105
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already pro___ed some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
106
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the in_________ requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
107
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the sub_____, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
108
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the c____, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
109
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not as___t privilege even where privilege statutes exist if the client waives the privilege.
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
110
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist
if the client w____s the privilege.
Working Paper (Audit Documentation)
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist
if the client waives the privilege.
111
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in co_______n with the preparation of a tax return to be privileged in certain circumstances.
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
112
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the pre________ of a tax return to be privileged in certain circumstances.
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
Working Paper (Audit Documentation)
Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.
A small number of states have enacted privilege statutes, and
the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.
Nevertheless, privilege may not be used
if the accountant has already provided some of the information requested in the subpoena, and
the purpose of privilege is to protect the client, not the accountant,
so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.
113
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore whose confidence?
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
114
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting O__________ Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
115
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate a_______s of public companies – subject to SEC oversight.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
116
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of p_____ companies – subject to SEC oversight.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
117
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to S___ oversight.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
118
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on i_______ control over financial reporting for public audit clients.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
119
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated a_____s” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
120
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal c______ over financial reporting for public audit clients.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
121
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over f_______ reporting for public audit clients.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
122
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for p_____ audit clients.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
123
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public a____ clients.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
124
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
S___ led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
125
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which a______s’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
126
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial st_________s and on internal control over financial reporting for public audit clients.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
127
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial re____ing for public audit clients.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.
SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.
128
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
This "integrated audits" eliminated a si_________t portion of the accounting profession’s system of self-regulation.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
This "integrated audits" eliminated a significant portion of the accounting profession’s system of self-regulation.
129
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
This "integrated audits" eliminated a significant portion of the acc_____ing profession’s system of self-regulation.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
This "integrated audits" eliminated a significant portion of the accounting profession’s system of self-regulation.
130
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
This "integrated audits" eliminated a significant portion of the accounting profession’s system of self-re_______n.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
This "integrated audits" eliminated a significant portion of the accounting profession’s system of self-regulation.
131
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
This "integrated audits" eliminated a significant po_____ of the accounting profession’s system of self-regulation.
Sarbanes-Oxley Act (SOX)
Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.
This "integrated audits" eliminated a significant portion of the accounting profession’s system of self-regulation.
132
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, non______ corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
133
Sarbanes-Oxley Act (SOX)
The P_____B is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
134
Sarbanes-Oxley Act (SOX)
The PCAOB is a p______ - sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
135
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
c____ed by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
136
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to o______e the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
137
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the a______s of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
138
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of p______ companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
139
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or is_____s,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
140
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the in______s of investors
and further the public in_______
in the preparation of informative, fair, and independent audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
141
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of in______s
and further the public interest
in the preparation of informative, fair, and independent audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
142
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the pre________ of informative, fair, and independent audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
143
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, f___, and independent audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
144
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and in_________ audit reports.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
145
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent a___ r_____s.
Sarbanes-Oxley Act (SOX)
The PCAOB is a private-sector, nonprofit corporation,
created by the Sarbanes-Oxley Act of 2002,
to oversee the auditors of public companies, or issuers,
in order to protect the interests of investors
and further the public interest
in the preparation of informative, fair, and independent audit reports.
146
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with g________y ac______ed accounting standards (GAAS).
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
147
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted acc_____ing s________s (GAAS).
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
148
Sarbanes-Oxley Act (SOX)
In some cases, non______s not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
149
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the re________s of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
150
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless re____t an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
151
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an a____ conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
152
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds pra________s that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
153
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still re____ed to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
154
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also co_____t the audit in accordance with generally accepted accounting standards (GAAS).
Sarbanes-Oxley Act (SOX)
In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.
AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).
155
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
Title II – Auditor Independence
Title III – Corporate Responsibility
Title IV – Enhanced Financial Disclosures
Title V – Analyst Conflict of Interest
Title VI – Commission Resources and Authority
Title VII – Studies and Reports
Title VIII – Corporate and Criminal Fraud Accountability
Title IX – White Collar Crime Penalty Enhancements
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
Title II – Auditor Independence
Title III – Corporate Responsibility
Title IV – Enhanced Financial Disclosures
Title V – Analyst Conflict of Interest
Title VI – Commission Resources and Authority
Title VII – Studies and Reports
Title VIII – Corporate and Criminal Fraud Accountability
Title IX – White Collar Crime Penalty Enhancements
156
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are ____s,
all appointed by the SEC.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.
157
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 ____ time members,
2 of which are CPAs,
all appointed by the SEC.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.
158
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the ___.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.
159
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all ap______ed by the SEC.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.
160
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
_ full time members,
_ of which are CPAs,
all appointed by the SEC.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.
161
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
___ appointed by the SEC.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.
162
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.
• 102 – Requires public accounting firms to register with the B____ in order to issue or participate in the issuance of an audit report for an issuer.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.
163
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Re_____s public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.
164
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires p____ accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.
165
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to re____er with the Board in order to issue or participate in the issuance of an audit report for an issuer.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.
166
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit re____ for an issuer.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.
167
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an a____ report for an issuer.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.
168
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or par_______ in the issuance of an audit report for an issuer.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.
169
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an i____er.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.
170
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
qu___ty control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
171
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
e____s standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
172
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
a____ standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
173
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality c_____l standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
174
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by re_____ed public accounting firms
in the preparation and issuance of audit reports.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
175
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and iss____e of audit reports.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
176
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines p_____ accounting firms and enforces compliance with the act.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
177
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also in_____s, investigates, and disciplines public accounting firms and enforces compliance with the act.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
178
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, inv______es, and disciplines public accounting firms and enforces compliance with the act.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
179
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and dis______s public accounting firms and enforces compliance with the act.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
180
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and en____s compliance with the act.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
181
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces com_______ with the act.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
182
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the a__.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
183
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep w________s for 7 years from report release date.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
184
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for _ years from report release date.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
185
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 ____s from report release date.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
186
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report re____ date.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
187
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a com_______ of the two.
o Must keep workpapers for 7 years from report release date.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
188
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the A_____ (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
189
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the P_____ or a combination of the two.
o Must keep workpapers for 7 years from report release date.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
190
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o S________s either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
191
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is re____ed to review all audit reports.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
192
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second p____er is required to review all audit reports.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
193
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to re____ all audit reports.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
194
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review ___ audit reports.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
195
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit re____s.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
196
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A se____ partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
197
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports m___ describe the scope of testing for I/C.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
198
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the sc___ of testing for I/C.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
199
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of t___ing for I/C.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
200
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I________ C________.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
201
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – A________es the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
202
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Q_____y Control Peer Review Inspections to be conducted by the Board:
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
203
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control P___ Review Inspections to be conducted by the Board:
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
204
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer R_____ Inspections to be conducted by the Board:
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
205
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review In________s to be conducted by the Board:
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
206
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the B____:
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
207
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be con_____ed by the Board:
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
208
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every ____ for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
209
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o M___ be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
210
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than ___ audit reports annually.
o At least every 3 years if 100 or less annually
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
211
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every _ years if 100 or less annually
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
212
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or l___ annually
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
213
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if ___ or less annually
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
214
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be per___ed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
215
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide ____ than 100 audit reports annually.
o At least every 3 years if 100 or less annually
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
216
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At ____ every 3 years if 100 or less annually
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
217
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A w_____n report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.
218
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written re____ of findings, including deficiencies discovered, is provided to the SEC and made available to the public.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.
219
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including de______ies discovered, is provided to the SEC and made available to the public.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.
220
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including deficiencies dis______ed, is provided to the SEC and made available to the public.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.
221
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including deficiencies discovered, is provided to the ___ and made available to the public.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.
222
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of f______s, including deficiencies discovered, is provided to the SEC and made available to the public.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.
223
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the pu____.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.
224
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board au_____y to conduct investigations and obtain all relevant info.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
225
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct in__________s and obtain all relevant info.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
226
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain ___ relevant info.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
227
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend au_____s,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
