Which of the following statements is/are correct?O a. The ban on simultaneously offering consulting and auditing services to economically relevant companies within the framework of the FISG results from the bad experiences that BaFinhad with corresponding offers in the context of the Wirecard scandal.O b. Violations of the so-called "blacklist" lead to significant fines being paid by the auditing company.Oc. According to the Financial Market Integrity Strengthening Act, companies are obliged to set up an audit committee to monitor the quality of the audit.O d. The external rotation of auditing firms requires more frequent tendering processes for auditing services.

Answered: Which of the following statements…

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 40MCQ

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Which of the following statements is/are correct?
O a. The ban on simultaneously offering consulting and auditing services to economically relevant companies within the framework of the FISG results from the bad experiences that BaFin
had with corresponding offers in the context of the Wirecard scandal.
O b. Violations of the so-called "blacklist" lead to significant fines being paid by the auditing company.
Oc. According to the Financial Market Integrity Strengthening Act, companies are obliged to set up an audit committee to monitor the quality of the audit.
O d. The external rotation of auditing firms requires more frequent tendering processes for auditing services.

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Auditing-

Auditing the words seems like it is a principle-oriented subject but is one of the practical-oriented subjects in the commerce field. Audit means an uninfluenced analysis of historical financial information of an organization, in order to prompt a view on the structured historical financial information.

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