Nonaudit services - Code provisions Flashcards
1
Q
When performing non-audit work members must not…
A
Have management responsibilities
2
Q
3 General requirements for performing non-audit services must be met…
A
1 There are no management responsibilities
2 Client will make informed judgement on results
3 Agreement of work should be documented and established in writing
3
Q
If general requirements are met then the member can…
A
1 Provide recommendations to assist management in performing function and making decisions
2 Attend board meetings as a non-voter
3 Interpret financial statements
4 Advise on potential plan strategies
4
Q
Sarbanes Oxley (SOX) requires that the _________ select auditors
A
Client audit committee and it must be preapproved
