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HWCH1 - HW 1 1-21 The most likely type of auditor and the...

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HW 1 1-21 The most likely type of auditor and the type of audit for each of the examples are: EXAMPLE TYPE OF AUDITOR TYPE OF AUDIT 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. IRS GAO Internal auditor or CPA CPA or Internal auditor GAO CPA GAO IRS CPA Internal auditor or CPA Internal auditor or CPA GAO Compliance Operational Operational Financial statements Operational Financial statements Financial statements Compliance Financial statements Compliance Financial statements Compliance
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2-18 a. The comments summarize the beliefs of many practitioners about the Sarbanes–Oxley Act and the PCAOB. The arguments against the Act can be summarized as four arguments: 1. Costs of complying with the Act are excessively high, especially the requirement to report on internal control over financial reporting, and will discourage companies from becoming public companies. 2. Relative cost for local audit firms is excessively high. 3. Additional oversight is not needed because sufficient quality controls have already been implemented by most audit firms.
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