ACCY%20405%20Group%20Talk%20Presentation

ACCY%20405%20Group%20Talk%20Presentation - Group Talk 3:...

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Team Assurance: Joshua Shownkeen Kyung Chan Jun Parth Doshi Albert Kim Korinne Talbot Group Talk 3: Auditor Independence & Audit Firm Rotation
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SOX PCAOB’s Proposal: Audit Firm Rotation Auditor Independence § Discussion § Ways to Improve Recommendations Agenda
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SOX 201: Prohibited Non-Audit Consulting Services SOX 203: Audit Partner Rotation SOX 204: Auditor Reports to the Audit Committee SOX 301: Audit Committee Responsibilities The Sarbanes-Oxley Act of 2002
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Mandatory audit firm rotation would limit the number of consecutive years for which a registered public accounting firm could serve as the auditor of a public company Public companies are required by the SEC to rotate audit partners on five and seven year periods, based on the function they perform on the audit There is no requirement to rotate audit firms Audit Firm Rotation
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During this period of economic weakness and heightened global competition, there is a higher risk of firms abusing earnings
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ACCY%20405%20Group%20Talk%20Presentation - Group Talk 3:...

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