Since the demise of Arthur Andersen and the passage of the Sarbanes-Oxley Act of 2002 the profession has witnessed an almost unprecedented increase in the frequency of auditor switching.
If the licensing statute is intended simply to generate revenue, then the contract of an unlicensed person is valid; if the purpose of the licensing statute is to protect the public’s health, safety, and welfare, however, the agreement of an unlicensed person is typically deemed illegal and unenforceable. Usury.
August 7, 2017Major Incident
August 7, 2017Since the demise of Arthur Andersen and the passage of the Sarbanes-Oxley Act of 2002 the profession has witnessed an almost unprecedented increase in the frequency of auditor switching.
Question 1. – Do only one part
Since the demise of Arthur Andersen and the passage of the Sarbanes-Oxley Act of 2002 the profession has witnessed an almost unprecedented increase in the frequency of auditor switching.
Explain the causes and consequences of this shift.
Has there been a shift in the audit fee patterns of the big four and non-big four auditing firms over the last 10 years?
Question 2.
The audit report has transitioned over the years from a unique narrative for each engagement to a more standardised template.
Discuss
Question 3.
Since the demise of Arthur Andersen and the passage of the Sarbanes-Oxley Act of 2002 there has been ongoing debate as to mandatory audit firm rotation and partner signing.
Discuss the reasons for and against.
Question 4.
What is 2 + 2
Engineer – “It lies between 3.98 and 4.02.”
Mathematician – “In 2 hours I can demonstrate it equals 4 with the following proof.”
Physicist – “It’s in the magnitude of 1-10!”
Social Worker – “I don’t know the answer, but I am glad we discussed this important question.”
Attorney – “In the case Smith vs State, 2 + 2 was declared to be 4.”
Trader – “Are you buying or selling.”
Accountant – “What would you like it to be?”
Discuss accounting and auditing in terms of the seven perspectives.
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