Which of the following is NOT an auditor's responsibility? Obligation to report any breach of the law Obligation to report to members Obligation to report to the bankers of the corporation Signing the audit report is a requirement.

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: 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: The Sarbanes–Oxley Act of 2002 prohibits public accounting firms from providing which ofthe…

A: Sarbanes-Oxley Act of 2002: The accounting guidelines provided to prevent fraudulent and…

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: The auditor's reason for resignation should be disclosed through:

A: While performing an audit of a public company, the auditors discovered material illegal acts and…

Q: Under the Private Securities Litigation Reform Act (the Act), independent auditors are required to…

A: Private Securities Litigation Reform Act: Private Securities Litigation Reform Act is passed by US…

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

A:

Q: When an auditor concludes that there is a significant doubt on the entity's ability to continue as a…

A: Going Concern basis: An entity prepares financial statements on a going concern basis ,that is it is…

Q: Which of the following is one of the changes in the Revised ISA 700 on audit reporting? a. the audit…

A: Following is the answer to the given question

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: Which of the following opinions would be issued if auditors believed that the entity’s financial…

A: The audit report offers a summary for a given fiscal year of a company's financial performance.

Q: Which of the factors below is NOT one of the purposes of the audit report? A. Indicate any scope…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: In what ways does the practice of internal auditing differ from the practice of public accounting?…

A: Internal audit is assessing the risk & fraud and compliance of Accounting standard, Law…

Q: action which can be taken by SAICA against the external auditor if he/she applied negligence in…

A: The action that can be taken by SAICA ( South African Institute of Chartered Accountants) against…

Q: f it is necessary to amend other information in a document containing audited financial statements…

A: solution concept disclaimer of opinion                 It is issued when auditor is unable to…

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: In comparison to the burden of proof required of plaintiffs in civil lawsuits against independent…

A: In comparison to the burden of proof required of plaintiffs in civil lawsuits against independent…

Q: Why is it important for auditors to consider the possibility of fraud by employees or management on…

A: There is a possibility of the occurrence of fraud by the employees or management of the company.…

Q: 47-Which of the following are not the rights of the auditors? a) The right to all information and…

A: An audit is an examination of the financial statement by an auditor to check whether the financial…

Q: When a client’s financial statements contain a material departure from an FASB Statementon…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Sarbanes-Oxley [SOX] legislation, greatly restricts the types of nonaudit services that auditors may…

A: Non-audit services provided by the auditor to an audit customer, including its affiliates, are…

Q: Which of the following are rights of auditors?      I.        To access all accounting books and…

A: The Companies Act confers extensive powers on the auditor. Since, he is the agent of the…

Q: Which of the following is an example of a self-interest threat to the fundamental principles? The…

A: Self interest threat is the threat of auditor that holds a direct or indirect financial interest in…

Q: A number of cases have considered the auditor’s liability in relation to persons other than the…

A: Generally, it is considered that the auditor's liability in relation to person other than the…

Q: Under common law, which of the following statements most accurately reflects the liability of a CPA…

A: The liability of a CPA who fraudulently gives an opinion on an audit of a client's financial…

Q: Which of the below statements regarding the right of the auditor to attend for the shareholder…

A: The incorrect option is c. Internal Auditor doesn’t have the right to attend the shareholders…

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: How would an auditor communicate  known there are violations of the law and the auditor's…

A: Audit is the process in which auditor independently examined the financial information of any type…

Q: The following pertains to auditor legal liability standards under the PSLRA:a. The Reform Act…

A:

Q: In an audit of financial statements for a company, the auditor considers internal control a. To the…

A: Audit refers to the examination or checking of the financial statements or the books of company in…

Q: Most auditors believe that financial statements are "presented fairly" when the statements are in…

A: Auditing evidence is the data gathered for survey of an organization's monetary transactions, inside…

Q: How is the auditors’ responsibility for expressing the opinion on financial statements disclosed in…

A:

Q: Which of the following statements regarding auditors’ liability under the Securities Act of1933 is…

A: Auditors are liable for some liabilities under Securities Act of 1933. The act relates to the…

Q: Under which act (or acts) must a client prove that a CPA has performed an audit with due diligence…

A: The Securities Act of 1933 was the first federal legislation used to regulate the stock market. The…

Q: The burden of proof that must be proven to recover losses from the auditors under the Securities…

A: The Securities and Exchange Act of 1934 (Exchange Act) is United States legislation that regulates…

Q: “Audit committees do not prepare financial reports, nor do they conduct audits. But they have an…

A: An audit committee is an independent committee to ensure that the company is run ethically and…

Q: Do the auditors have to report on (a) the audited financial statements and (b) any other information…

A: This question explains about the audited financial statements and any other information that is…

Q: What consulting or nonaudit services are prohibited for auditors of public companies? What other…

A: Some non audit services are prohibited for the auditors of public companies. These consulting or non…

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: Explain the legal basis for a cause of action against an auditor. What are the defenses available to…

A: Step 1 Auditors should report true and fairly which enhance the reliability of financial statements…

Q: If a principal auditor decides to refer in his or her report to the audit of anotherauditor, he or…

A: Principal auditor is the prime auditor with whom the responsibility of major portion of the…

Q: Evaluate the following statement: “The corporate charter and the bylaws of a company are legal…

A: The corporate charter of a company and the bylaws of a company are the legal documents. But, these…

Q: Which of the following statements should not be included in the Basis for Opinion section of the new…

A: An audit report consists of several parameters such as Title, Responsibilities for the Financial…

Q: Has the accounting profession created a situation in which auditors’ ethical behavior is impaired by…

A: Legal liability of an auditor is to give a proper audit report to his clients by keeping his ethical…