Compare and contrast traditional auditors’ legal responsibilitiesto clients and third-party users under common law. How has that law changed in recent years?

Q: How have provisions of the Sarbanes–Oxley Act limited a public company’s choice of auditors?

A: SOX is the act passed by the government to address the corporate scandals. This act regulates and…

Q: select a corporate scandal of your choice and accordiing to Professional Code of Conduct given by…

A: The answer is stated below:

Q: What are the internal auditors’ responsibilities (name at least two)?  Why did the internal auditors…

A: Given: To explain the internal auditor's responsibilities and not adhere to the responsibilities as,

Q: Describe what an auditor should do if an attorney refuses to give information that is within the…

A: This question explains about the attorney's authority and might have a direct impact on the…

Q: Explain the auditor legal liability, this includes what law that procure such liability?

A: An auditor is expected to complete their tasks in good faith and with integrity and should operate…

Q: Which of the following best describes the effect of a contingent fee arrangement on the auditor's…

A: The contingent fees rule has been defined in Section 1.510 of the AICPA’s revised Code of…

Q: As an auditor, how would you audit the following Internal Control Revenue

A: Answer: Auditor is the person who audits the financial statement to present independent opinion. The…

Q: What is a law, such as the Sarbanes–Oxley Act of 2002, under which auditors have obligations?

A: The Sarbanes–Oxley Act of 2002 is a federal Law that established Sweeping Auditing and finance…

Q: Discuss a portion of a law, such as the Sarbanes-Oxley Act of 2002, under which auditors have…

A:

Q: What are the major differences in the scope of the audit responsibilities for CPAs, GAO auditors,…

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

Q: What are the auditor’s responsibilities to communicate information to the audit committee under…

A:

Q: Explain what accounting documents you must supply to the auditors. What are the statutory audit…

A: The auditor is responsible for the identification of the fraud and errors present in the financial…

Q: What auditing services do governmental auditors provide?

A:

Q: What is the auditor’s responsibility for obtaining anunderstanding of internal control? How does…

A:

Q: For what type of actions can clients bring suit against auditors under common law? What must…

A: Given: The clients can bring suit against auditors for breach of contract under common liability…

Q: How have the Sarbanes–Oxley Act's requirements impacted a public company's ability to choose its…

A: This question explains about the Sarbanes–Oxley Act's requirements impacted a public company's…

Q: What rules must auditors follow for governmental audits?

A:

Q: Auditors may be held liable to both their clients and third parties under common law. a. What must…

A: An auditor has an obligation to their clients and third part to exercise due professional care.…

Q: What are the auditor’s responsibilities under the Corporations Act to report breaches of the Act?…

A: The Corporation’s Act 2001 is one of the attributes of the commonwealth of Australia. The act…

Q: The main purpose of the auditor's consideration of internal control for a non-SEC client is to A.…

A: Audit of internal control is conducted by auditors to assess its efficiency and effectiveness and…

Q: Discuss the similarities and differences between evidence in a legalcase and evidence in an audit of…

A:

Q: A public accounting firm's audit documentation review has what advantages?

A: Introduction: Audit documentation encompasses all forms of documents or records created by auditors,…

Q: What are some of the advantages and disadvantages of permitting auditors to provide nonaudit…

A: Advantages to provide non-audit services to the clients are listed as follows: Facilitation in…

Q: Understand recent developments that affect auditors’ liability to clients and third parties.

A: An auditor’s legal liability or responsibility is to offer customer’s an inexpensive assurance that…

Q: What additional constraints and obligations do auditors face when offering nonaudit services to…

A: The following is an explanation of what we mean by the Audit: A company's financial accounts are…

Q: Which of the following is NOT an example of externally generated evidence sent directly to the…

A: Audit evidence refers to data obtained by an auditor for arriving at his judgment while performing…

Q: What are the concepts of legal responsibility applicable to the accountant in his audit functions…

A: Legal Responsibility of Auditor: Every day, more and more people are becoming concerned about the…

Q: What is the auditor's role in reporting violations of the Corporations Act under the Corporations…

A: Act on Corporations: One of the characteristics of Australia's commonwealth is the Corporations Act…

Q: What are some specific transactions that an auditor would expect to be approved by the board of…

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Q: What other restrictions and requirements apply to auditors whenproviding nonaudit services to public…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: What defenses are available to auditors against suits brought by clients under common law? Against…

A: Under common law, clients can bring suits against the auditors and there are various defenses…

Q: Discuss and accounting firms responsibilities when it is retained to issue such a report.

A: When an accounting firm is engaged to provide an objective report on proper accounting treatment in…

Q: What are the major differences in the auditors’ report for nonpublic and public entities?

A:

Q: Using the concept of justice, evaluate how an auditor would assess the equality of interests in the…

A:

Q: How do the major provisionsof the Sarbanes–Oxley Actaffect a public company’s auditprocedures?

A: After a prolonged period of corporate scandals (e.g., Enron and Worldcom) in the United States from…

Q: Describe the action that an auditor should take if an attorney refuses to give information that is…

A: In general, an auditor is a person or organization employed by a business to conduct or oversee an…

Q: Which one of the following is NOT a duty of the auditor? Duty to report on any violation of law Duty…

A: The duties of an Audi have been laid down by the companies Act , 2013, providedd in section 143.

Q: If the auditor identifies any events or conditions that may cast significant doubt on the entity's…

A: Auditor is the person who is responsible for performing audit work in the organisation. Audit means…

Q: Explain the auditor’s responsibility to consider compliance with laws and regulations. How does this…

A: As per IAS 250, Consideration of laws and regulations in an audit of financial statement. Auditor is…

Q: Describe how the Sarbanes-Oxley Act of 2002 has impacted the role of auditors

A: While performing an audit of company, auditor has to make sure that he complies with the standards…

Q: Which of the following is NOT an auditor's responsibility? Obligation to report any breach of the…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…