Mandatory Audit Firm Rotation Study: Study Questionnaires, Responses, and Summary of Respondents' Comments : Report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services
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accepted Accounting Firm Survey additional agree answer applied appropriate associated audit committee audit costs audit failure audit fees audit firm rotation audit quality audit services audit tenure auditor independence auditor of record basis believe benefit client company with revenue company's compete competition concerning Continued costs decrease detect disagree Effects engagement enhanced experience factor financial reporting practices financial statements firm's fresh look higher implemented increase indicate industry initial issuer knowledge lead less Limited lower mandatory audit firm mandatory rotation material misstatements needed officers operations and financial opinion opportunities PCAOB percent perform period potential Pressure Previous procedures public accounting firms public company audit Public Company Survey question reason reduce registered relationship responses result risk rotation of public Sarbanes-Oxley Act Selected Written Comments serving significant Significantly smaller specify statements Strongly Survey on Mandatory Table understanding views
Page 4 - We will also make copies available to others upon request. In addition, the report will be available at no charge on GAO's Web site at http://www.gao.gov. If you or your staff have any questions about this report, please contact me at (202) 512-7215 or email@example.com.
Page 50 - audit committee" means — (A) a committee (or equivalent body) established by and amongst the board of directors of an issuer for the purpose of overseeing the accounting and financial reporting processes of the issuer and audits of the financial statements of the issuer; and (B) if no such committee exists with respect to an issuer, the entire board of directors of the issuer. (4) AUDIT REPORT — The term "audit report...
Page 49 - Mutual fund organizations are strictly regulated under the federal securities laws — namely, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940 and the Investment Advisers Act of 1940.
Page 4 - Oversight Board, and other interested parties. This report will also be available at no charge on GAO's Web site at http://www.gao.gov. If you or your offices have any questions concerning this report, please contact me at (202) 512-9471 or William E.
Page 1 - We concluded that the most prudent course of action at this time is for the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) to monitor and evaluate the effectiveness of the Sarbanes-Oxley Act's requirements for enhancing auditor independence and audit quality.
Page 68 - Please indicate the extent to which you agree or disagree with the following statement: 1 "I feel a personal responsibility to help needy peopIe in my community.
Page 1 - Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Michael G.
Page 49 - mandatory audit firm rotation" refers to the imposition of a limit on the number of consecutive years in which a particular registered public accounting firm may be the auditor of record for a public company (an "issuer"). • "audit quality...
Page 6 - GAAP and (2) are not materially misstated whether due to errors or fraud. This definition assumes that reasonable third parties with knowledge of the relevant facts and circumstances would have concluded that the audit was conducted in accordance with GAAS and that, within the requirements of GAAS, the auditor appropriately detected and then dealt with known material misstatements by (1) ensuring that appropriate adjustments, related disclosures, and other changes were made to the financial statements...