According to the Sarbanes-Oxley Act, which of the following items is the independent auditor required to report to the audit committee?
a. Materiality limits for audit testing.
b. Critical accounting policies and practices.
c. The extent of audit testing in high-risk accounts.
d. A list of probable fraud errors identified in audit planning.
b
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________ is a method of acquiring ownership, when a manufacturer purchases raw materials and then manufactures a finished good
A) Gifting B) Producing C) Capturing D) Purchasing
At the food processing company where Mika works, his primary job responsibility is to review the quality of preservatives that are used in the food products being made
A new and highly recommended preservative that has the potential to preserve food longer without refrigeration is approved by Mika. However, Mika fails to identify that the substance used to make the preservative is banned. If the food product is released with this new preservative, which of the following provisions of the NLEA would help consumers identify the banned preservative prior to consumption? A) condemnation of unfit food products B) disclosure of information on food labels C) inspection of the storage facilities D) initiating legal proceedings against violators