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-prohibits accounting firms from providing certain non-auditing work (such as consulting services) to companies they audit
-strengthens the protections for whistle-blowers
-requires company CEOs and CFOs to certify the accuracy of financial reports
-prohibits corporate loans to directors and executives of the company
-established the five member Public Company Accounting Oversight Board (PCAOB) under the SEC to oversee the accounting industry
-stipulates that altering or destroying key audit documents will result in felony charges and significant criminal penalties



Answer :

PROPOSAL FOR AN EXCLUSIONARY Limitation ON NON-AUDIT SERVICES. 5.32. Some Panel members think that, with very few instances,

What exactly does an audit entail?

Auditing was defined as an on-site verification operation, such as an inspection or examination, to ensure that a system or quality system is working in accordance with specifications. An audit may concentrate on a particular task, procedure, or stage of the manufacturing process instead of the entire company.

What is a sample audit?

Payrolls, management accounts, financial records, invoices, and receipts are a few examples of auditing proof. Good auditing evidence must be ample, trustworthy, supplied from the right source, and pertinent to the audit in hand.

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