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Unformatted text preview: audits-The Sarbanes-Oxley Act includes a number of rules related to auditing that are intended to help auditors stay independent of their clients. These include: o restrictions on what kinds of nonaudit services auditors can provide to their audit clients. o Auditors must be hired by audit committees of the board of directors, not company management-Many other companies choose to have audits-There are four categories of auditors opinions o Unqualified (clean) the financial statements present fairly, in all material respects, a companys financial position. o Disclaimer the auditor is unable to form an opinion on whether the financial statements are fair o Adverse The auditor believes the financial statements do not present the companys position fairly. Qualified The financial statements are fairly presented, except for certain identifiable matters that the audi...
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This note was uploaded on 03/31/2011 for the course ACCT 101 taught by Professor Wang during the Spring '11 term at Adelphi.
- Spring '11