Purchase Solution

What can Audit Committee do to ensure auditor independence

Not what you're looking for?

Ask Custom Question

4. What should the Audit Committee of the Board of Director do to ensure auditor independence?

Purchase this Solution
Solution Summary

The solution explains six points of what an audit committee can do to help ensure the independence of external auditors. It is their job. The general duties of audit committees were enhanced as a result of Sarbanes-Oxley.

Solution Preview

The role of the audit committee was enhanced following Sarbanes-Oxley to provide a separate and independent source for compliance.

The audit committee should consist of outside directors, not members of management.

The job of the ...

Purchase this Solution
Free BrainMass Quizzes
Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

View More Free Quizzes
Related BrainMass Solutions

  • CPA Independence and Audit Committees

    What do you feel the audit committee's role is in maintaining independence? Do you feel this role is effective?

  • Accounting Statements

    The audit committee should clearly define the actions of the auditor and what information that is necessary to firmly attest to the company's financial statements.

  • Audit Questions

    612853 Audit Quesions 1. From the Key Players: Why is it important for the auditor to report to the audit committee? 2. If the CPA auditor's spouse is a senior manager at the company to be audited, does the auditor have independence 3.

  • EU audit reforms 2013

    The mandatory rotation of audit firms after a period of 10 years seems to increase auditor independence. Simply mechanical rotation may not be adequate to ensure auditor independence.

  • Corporate Governance

    Finally, the audit committee financial expert decision tree needs to be used by the committee to take the steps required to find out who on the audit committee meets the definition and can be designated as the audit committee expert.

  • Internal Audit Management

    The internal auditor is required to report to the top executive of the company. The audit committee of the board ensures that the internal audit gets the independence it requires.

  • Internal and External Auditors Duties

    The main responsibility of the auditor is to determine the independence of the external auditor in order to enhance the audit effectiveness.

  • The Sarbanes-Oxley Act and the PCAOB

    S, 2011) Board of Directors Audit Committee External auditor is accountable to the committee and the board. ISB 1 for auditor independence must be received and a discussion be help in this matter with the auditor.

  • The Importance of the Audit Committee

    Independence: Audit committees need to be independent both in fact and in appearance and they constantly ensure such independence with the way they do things. ?

View More Related Solutions