Wiley plus acc 561 wk 5 answers

Investor confidence is currently high. It is rarely the black-and-white issues that an auditor faces. Two academics presented research tending to show that subtle but powerful psychological factors skew the perceptions and judgments of persons - including auditors - who have a stake in the outcome of those judgments.

Accountants will continue to be able to provide a wide variety of non-audit services to their audit clients. According to the O'Malley Panel, one guiding principle should be whether the "service facilitates the performance of the audit, improves the client's financial reporting process, or is otherwise in the public interest.

An "audit failure," as we use the term, refers to an instance in which the issuer's financial statements are materially misstated and in which the auditor either failed to discover the misstatement or acquiesced in the inclusion of the misstatement in the issuer's financial statements.

Executive Summary We are adopting amendments to our current rules regarding auditor independence. For example, in our Order regarding rule changes by the Municipal Securities Rulemaking Board to address "pay to play" practices in the municipal securities market, we stated that the proposed rule changes were intended, among other things, "to bolster investor confidence in the integrity of the market by eliminating the opportunity for abuses in connection with the awarding of municipal securities business.

These commenters further assert that accounting firms need broad technical skills to provide high quality audits and that the necessary array of skills can be acquired only if the accounting firm has a multidisciplinary practice.

If Congress believed that all conflicts were equal in kind or degree, it would not have required that auditors be independent. The General Counsel of Andersen Consulting said, "[I]n our experience there is no meaningful crossover of personnel between the audit divisions and these other business consulting functions.

The Independence Requirement Serves Important Public Policy Goals The federal securities laws require, or permit us to require, that financial information filed with us be certified or audited by "independent" public accountants. Investor uneasiness and suspicion of the quality of audited financial statements is growing rapidly along with the dramatic rise in the percentage of audit firm revenues that come from cross-sold services.

These changes are consistent with our approach to adopt only those regulations that we believe are necessary to preserve investor confidence in the independence of auditors and the financial statements they audit.

The final rules provide accounting firms with a limited exception from being deemed not independent for certain inadvertent independence impairments if they have quality controls and satisfy other conditions.

Commenters expressed a range of views from full support to staunch opposition. For example, the final rule does not ban all valuation and appraisal services; its restrictions apply only where it is reasonably likely that the results of any valuation or appraisal, individually or in the aggregate, would be material to the financial statements, or where the results will be audited by the accountant.

Indeed, it is precisely because of the inherent difficulty in isolating a link between a questionable influence and a compromised audit that any resolution of this issue must rest on our informed judgment rather than mathematical certainty.

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It is asking too much of an auditor who keeps the financial books of an audit client to expect him or her to be able to audit those same records with an objective eye. The Panel found that, [M]any people continue to be concerned - some very concerned - that the performance of non-audit services could impair independence, or that there is at least an appearance of the potential for impairment.

As one analyst stated during our public hearings, If we're asking hard questions about independence and the appearance of independence now, won't our concerns be magnified during times of economic distress?

The proposed amendments to Rule included in the rule four principles for determining whether an accountant is independent of its audit client. Because there are numerous explanations as to why auditors' professional liability premiums might or might not increase, we are not persuaded that insurance premiums are a useful measure of the effect of non-audit services on auditor independence.

Moreover, audit failures arise from a multiplicity of causes, of which an impairment of independence is but one.

In addition, there are more dual-career families, and audit clients are increasingly hiring firm partners, professional staff, and their spouses for high level management positions.

We believe that the circumstances about which the Commission was warned are coming to pass. Second, the great majority of companies do not purchase any non-audit services from their auditors in any given year.

Some testified that there is no sharing of firm personnel between the consulting side and auditing side. Similarly, audit committees may wish to consider whether to adopt formal or informal policies concerning when or whether to engage the company's auditing firm to provide non-audit services.

In addition, companies must provide certain disclosures about their audit committee. If investors do not believe that an auditor is independent of a company, they will derive little confidence from the auditor's opinion and will be far less likely to invest in that public company's securities.

It's not hard to imagine an economic environment where firms may be more prone to pushing the envelope of reliable accounting and reporting, and that's when you would want an auditing profession possessing unquestionable independence. To respond to some of these questions, we proposed, and are now adopting, new rules relating to the financial and employment relationships independent auditors may have with their audit clients, business and financial relationships between accounting firms and audit clients, and the non-audit services that auditors can provide to audit clients without impairing their independence.

The entire business adviser audit process is based on understanding the client's business from the owner's perspective and acting in the owner's best interest," 84 which, of course, is contrary to the duty of the auditor to the public.

We heard during our public hearings from academics who have studied the "self-serving bias," including in connection with the behavior of auditors. For decades there have been some who were troubled at the growth of non-audit services. The amendments, among other things, significantly reduce the number of audit firm employees and their family members whose investments in audit clients are attributed to the auditor for purposes of determining the auditor's independence.

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The greatest assurance of auditor independence would come from prohibiting auditors from providing any non-audit services to audit clients. The argument proves too much; it assumes that because Congress permitted one form of potential conflict of interest, it intended to permit all forms.

Rather, the actual issue is whether providing these services makes it unacceptably likely that there will be an effect on the auditor's judgment, whether or not the auditor is aware of it.Buy Enanthat (Testosterone Enanthate) for muscle growth - 10 mL Vial ( mg/mL) Test enanthate results.

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