Responsibilities under Sarbanes-Oxley Act Flashcards
1
Q
Under Sarbanes-Oxley Act what non-attest services are allowed to be performed by the auditor
A
Tax services on a public company as long as it is approved by the Audit committee
2
Q
Who regulates CPA firms that Audit Public Companies
A
Public Company Accounting Oversight Board
Sarbanes-Oxley Act created them
3
Q
What are provisions of Sarbanes-Oxley Act
A
1) Penalties for Failure to retain audit workpapers
2) Requirement for inspection of public company Audits
3) Requirement for registration of CPA firms to Audit public companies
4
Q
Under Sarbanes-Oxley Act who are required to certify accuracy of F/S filed with the SEC?
A
CEO and CFO
5
Q
The Sarbanes-Oxley Act requires what to happen at least every 5 years?
A
Rotation of Audit Partners on a public company
