Based on the Sarbanes Oxley act, what are some of the activities that an auditing firm cannot be involved with in respect to their audit client? Please explain.
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- Should external auditors provide advisory services to a client at the same time as providing auditing services to that client? Why or why not?Under what circumstances are external auditors likely to be involved in operational auditing? Can you provide one example of operational auditing by a CPA firm.what are business risks associated with an entity that an auditor should consider when performing an audit?
- Consider the concepts of sufficient and appropriate audit evidence. Assess how audit risk relates to audit evidence. How do auditors audit accounting estimates and other subjective information? What are analytical procedures, and why are they a useful audit tool? Explain the importance of audit documentation.what are the auditor Rules for Independence regarding the services they can offer the same client?Under what circumstances are external auditors likely to beinvolved in operational auditing? Give one example of operational auditing by a CPA firm
- Do audit teams normally need to refer the work of an expert in its audit report? Explain the circumstances that it may do so.Many companies request that their auditors provide them with other services, such as tax or consultancy, as well as the external audit. Discuss the arguments for and against auditors providing non-audit services.The Performance Principle in AICPA auditing standards requires the auditor to obtain a sufficient understanding of the entity and its environment, including its internal control. Why is it important to understand the client’s business and how does the auditor gain an understanding of the client’s business?
- Critically evaluate whether the manner in which the market for the supply of audit services is organised and regulated undermines or enhances audit quality and the effectiveness of the audit function. Any ideas?In applying a top-down, risk-based approach to an audit, should the auditor start with the ending account balances or does the auditor start with the significant processes that lead to a material account balances? Is one approach preferred over the other? Explain. In what ways does the practice of internal auditing differ from the practice of public accounting? To whom is the internal auditing function responsible?How would you describe the Auditing Process to someone with experience in Auditing firm?