Audit committee

Prior to Sarbanes Oxley Act, the Securities Act of 1933 was the leading controlling mechanism. The 1933 Act requires that investors obtain appropriate financial information on securities that were offered for public sale. It also bans dishonesty, misrepresentations, and some other fraud in the transaction of securities. The Security Exchange Commission imposes the 1933 Act mandating corporation to have the stock and securities registered that are offered to the public. The registration…

reformers and refuseniks after the Lefebvre and McGrath parliamentary reforms, the current Canadian House of Commons committee system remains comparatively understudied to similar Westminster-style democracies. Decades worth of government responses to committee recommendations are largely untouched, even by the Library of Parliament; empirical frameworks developed to judge committee influence and effectiveness in the UK, Australia, and New Zealand have not been exported to the uniquely…

If a person were to attempt bring a gun on board the plane, the security prevents this. This is part of the Patriot Act and why Kasich agrees with it. Kasich is concerned with the security of our nation. Since he has served in the Armed Forces Committee, Kasich has developed a passion for the protection of the United States. Although, Kasich agrees with Rand Paul. The Patriot Act should be seen out of the government. It should exist no more and a better and cleaner act should take its place.…

Question 2: Justify why is there a special need for ethical conduct in professions including those in the accounting and auditing related field? Ethics reflect beliefs of what is right or wrong, just or unjust, good or bad in terms of human behavior and it consists of moral principles that govern the behavior of a person (Boundless.com, 2015). Whereas profession refers to the type of jobs that required special training, skills and high level of education (Cambridge Dictionaries Online, 2016).…

1). The requirement of section 301.4 of the Sarbanes-Oxley Act of 2002, the audit committee of a public company needs to establish procedures for the receipt, retention, and handling of complaints received by the company regarding accounting, internal controls, or auditing matters. They are also required to establish procedures for those complaints to be treated confidentially, and for the submission process, the employees can submit anonymous their complaints about the accounting or auditing…

material misstatement. To reach that the auditor needs to collect evidences that have reasonable quantity and quality “sufficient appropriate audit evidence”. In AU-C 230, the objective of the auditor is to plan and perform the audit work in order to obtain sufficient appropriate audit evidence to reduce the audit risk. Therefore, based on GASS, the audit opinion on the report can’t be absolute assurance and this match with Ms. Stitt’s testimony about the concept of reasonable assurance. Also, I…

External Audit:  The external auditors are not the employees of the organisation. They report directly to the Shareholders of the organisation. They main duty is to tests the underlying transactions that form the basis of financial statements. They form an opinion as to whether or not these statements reflect a true view. Reliance may be placed on the systems that produce the accounts that make up the statements thus reducing testing required if the system is found to be sound • Internal Audit…

2002, the public company audit committee is required to implement procedures for the receipt, retention, and treatment of complaints received by the whistleblowers concerning auditing matters, internal accounting controls, or accounting. Also, the complaints have to be treated confidentially by the audit committee by making whistleblowing procedures for the submission around dubitable accounting or auditing matters to be anonymous. To encourage this, the audit committee should make and control…

Sarbanes-Oxley Act, Section 301: Public Company Audit Committees, is created to address systemic and structural weaknesses that affecting the US capital markets due to failures of audit effectiveness and corporate financial responsibility that could potentially “threatened the reputation of those markets for integrity (Tsacoumis, S, Bess, S, and Sappington, A, 2003).” Section 301 provided appropriate regulatory authority of the audit committee the power to overseeing the accounting and…

Forensic audit includes lots of activities and it is not part of regulatory guidance. Forensic auditing are the wide range of activities for investigation purpose, which are performed by accountant in practice. The work of the forensic auditor is to investigate the financial affairs of the organization and most importantly includes investigation of any fraudulent activity. Internal auditor can use a third party forensic auditor for this purpose and than report the findings to the Board and audit…