nonaudit services Flashcards
firms should monitor the total amount of ______services provided
nonaudit
when providing non attest services you should not take the role of management such as
leading and directing an entity, including making significant decisions regarding the acquisition, deployment, and control of human, financial, physical, and intangible resources.
ex
setting policy or strategic direction
authorizing, executing transactions for client
preparing source docs that you will later audit
having custody of clients assets
when doing all nonaudit services client needs to aggree to ____
assume all management responsibilities
oversee the service
evaluate adequacy and results of services and oversee services
before start engagement you need in writing objectives of the client services to be performed client accepts responsibilities limitations on aggreement you accept responsibility
sarbanes oxley says public auditors should never
never advocate for clients audit their own work serve as client's managers cant do bookkeeping or or other related finance, accounting related services appraisal or valuation services fairness opinions actuarial services internal audit hr or management functions broker/dealer investment advisor legal/expert services
you can currently provide _______ to your public company audit client
tax services
pcaob independence is impaired in the tax services if
firm enters into a contingent fee arangement with audit client
firm provides marketing, planning, opinion services in favor of the tax treatment or aggressive intermpretation of tax law
provides tax services to members of management who serve in a financial reporting oversight role for a client
independent audit committee selects, evaluates and____.
Audit Committee must preapprove
compensates auditor for NAS
NAS (including tax services) purchased by a company from its auditor
members in business have almost the same rules to follow as audtors of public companies. the one rule that doesnt apply to mibs is the
management threat.
