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CC Company Responsibilities Changes Due to Impact of Sarbanes Oxley Act Memorandum

CC Company Responsibilities Changes Due to Impact of Sarbanes Oxley Act Memorandum

Question Description

I’m working on a business discussion question and need support to help me understand better.

Part 1

Your long-time client, Central Office Supply, has been rapidly expanding and the board of directors is considering taking the company public. CEO Terry Puckett has heard that costs of operating a public company have increased significantly as a result of the Sarbanes-Oxley Act. Puckett is particularly concerned with reports that audit fees have doubled because of internal control provisions of the Public Company Accounting Oversight Board’s (PCAOB) Auditing Standard No. 5. Puckett has asked you to explain the possible effects on the audit of complying with the requirements of Sarbanes Oxley.

Required:

Referencing this week’s lecture, draft a letter to Puckett outlining the changes in the company’s responsibilities for internal control and in the audit due to Sarbanes-Oxley and PCAOB Auditing Standard No. 5. J

Part 2

Suppose you are auditing cash disbursements and discover several payments to a company you are unfamiliar with and cannot find information about the company on the Internet or in the local telephone directory. The invoices from this company have numbers very close to each other in the sequence, there is no phone number on the invoice, and each bill is a for a dollar amount just under the amount that would require additional approvals before payment. Based on this information, you now suspect this may be a fraud.

Required:

Based on your suspicions, how would you change the audit procedures you would perform and how might you change the evidence you gather? Reference this week’s lecture to inform your post.

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