Sarbanes-Oxley [SOX] legislation, greatly restricts the types of nonaudit services that auditors may provide to audit clients. It is unlawful for a registered public accounting firm that is currently providing attest services for a client to provide the following services, except: a. Appraisal or valuation services, fairness opinions, or contribution-in-kind reports b. Internal audit outsourcing services c. Developing overall audit strategy d. Bookkeeping or other services related to the accounting records or financial statements of the audit client. Explain the answer in 100-150 words
Sarbanes-Oxley [SOX] legislation, greatly restricts the types of nonaudit services that auditors may provide to audit clients. It is unlawful for a registered public accounting firm that is currently providing attest services for a client to provide the following services, except: a. Appraisal or valuation services, fairness opinions, or contribution-in-kind reports b. Internal audit outsourcing services c. Developing overall audit strategy d. Bookkeeping or other services related to the accounting records or financial statements of the audit client. Explain the answer in 100-150 words
Chapter5: Ethical Responsibilities Of Independent Auditors
Section5.2: American International Group, Inc.
Problem 2Q
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Sarbanes-Oxley [SOX] legislation, greatly restricts the types of nonaudit services that auditors may provide to audit clients. It is unlawful for a registered public accounting firm that is currently providing attest services for a client to provide the following services, except:
a. Appraisal or valuation services, fairness opinions, or contribution-in-kind reports
b. Internal audit outsourcing services
c. Developing overall audit strategy
d. Bookkeeping or other services related to the accounting records or financial statements of the audit client.
Explain the answer in 100-150 words
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