Learning Check 4-17 a. Identify how the Sarbanes-Oxley Act of 2002 changed the audit environment for auditors. The Sarbanes-Oxley Act of 2002 makes it “unlawful” to perform audit services for a public company and also perform the following non-attest services for audit clients: 1. Bookkeeping or other services related to the accounting records or financial 2. statements of the audit client 3. Financial information systems design and implementation 4. Appraisal or valuation services, fairness opinions, or contribution-in-kind 5. reports 6. Actuarial services 7. Internal audit outsourcing services 8. Management functions or human resources 9. Broker or dealer, investment adviser, or investment banking services 10. Legal services and expert services unrelated to the audit 11. Any other service that the PCAOB determines, by regulation, is impermissible b. Identify and explain new liabilities for managements of public companies created by the Sarbanes-Oxley Act of 2002. The Sarbanes-Oxley Act of 2002 created more severe penalties for public companies who are
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