Asked by Growing with Hussein on May 31, 2024
Verified
The Sarbanes-Oxley Act prohibits registered public accounting firms from engaging in non-auditing acts for their auditing clients. List any six such non-auditing acts currently prohibited.
Sarbanes-Oxley Act
A U.S. law enacted in 2002 aimed at improving corporate governance and accountability through stricter auditing and financial regulations.
Non-Auditing Acts
Activities performed by accounting firms or professionals that do not involve the examination of financial records for the purpose of expressing an opinion on their fairness.
- Familiarity with the Sarbanes-Oxley Act and its implications for accounting practices.
Verified Answer
EM
Emily MohrmannJun 04, 2024
Final Answer :
Following are the currently prohibited acts. Students should list six.
• Bookkeeping.
• Financial information systems design and implementation.
• Appraisal or valuation services.
• Actuarial services.
• Internal-audit outsourcing services.
• Management functions or human resources.
• Broker or dealer, investment adviser, or investment banking services.
• Legal or expert services unrelated to the audit.
• Bookkeeping.
• Financial information systems design and implementation.
• Appraisal or valuation services.
• Actuarial services.
• Internal-audit outsourcing services.
• Management functions or human resources.
• Broker or dealer, investment adviser, or investment banking services.
• Legal or expert services unrelated to the audit.
Learning Objectives
- Familiarity with the Sarbanes-Oxley Act and its implications for accounting practices.
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