Subsequent Employment

Question 1

When a team member or person of influence considers a job with an attest client they must…

Answer 1

1 Promptly report such consideration

2 Remove from engagement (until rejected or position isn’t available)

Question 2

A firm’s independence is impaired when a team member works for an attest client?

Answer 2

when they hold a “key position” (put together financial statements)

Question 3

Sarbanes-Oxley says when audit members of public company’s go work for attest clients they cannot…

Answer 3

1 Assume CFO, CEO, Controller, Chief Acct Officer or equivalent
2 Financial oversight role
3 Position preparing financial
4 should have a one year cooling period