Second partner rotation every 5 yrs audit manager

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Unformatted text preview: anaging Partner rotation every 5 yrs. Second partner rotation every 5 yrs. Audit manager rotation every 7 years Reports to audit committee Reports – All material findings All Disclose fees for all types of services in proxy statement proxy Review disclosures of firm Attest to Internal Control of firm Independence Rules Independence Can’t do other types of work for clients, Can’t - Other work needs pre-approval by audit committee audit Can’t do audit if CEO, CFO from their Can’t firm, 1 year wait period Audit Committee Reports Audit Operating committee of a publicly held company. Operating company Committee members are normally drawn from members of the Company's board of directors. An board An audit committee of a publicly traded company in the United States is composed of independent or outside directors. outside Reports Reports – – – – All critical accounting policies Alternate treatments Internal Control findings Material weaknesses Corporate Provisions Corporate Corporate Officers – Certify means they have Reviewed the reports Reviewed Reviewed internal control Certify that there are no material weaknesses Certify Certify that there is no fraud Certify Report fairly presents the financial condition of the company of Corporate Provisions Corporate Corporate Officers – Can’t influence audit – No trading during blackout periods – In pro-formas, no material untrue statements, In reconciliation...
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