Related to sarbanes-oxley and auditor independence

Assignment Help Financial Accounting

Reference no: EM131202584

Related to Sarbanes-Oxley and auditor independence, here is a scenario. What work can the auditing firm perform? Smith, CPAs has obtained XYZ Corporation, a new publicly held client. XYZ Corporation has various accounting related needs that Smith, CPAs would like to fulfill. Partner-in-charge P. Smith has discussed with XYZ Corp. the possibility of performing the annual audit of XYZ Corp. as well as preparing the tax returns, business plan, quarterly write up services, and providing consultation on the viability and valuation of mining gas reserves in Tennessee. An outside expert would be hired by Smith CPAs to provide expert advise to the CPA firm on mining gas reserves. Additionally, Smith CPA's audit manager who will be assigned to this audit has previously been approached by XYZ Corp. to come work for the company as Chief Financial Officer. So far to date, the audit manager has refused the offer since his cousin's sister-in-law is a 10 percent shareholder in XYZ Corp. and does not want her to have any say in his employment. Under the Sarbanes Oxley Act of 2002, what issues do you see and how would you advise Smith CPAs? Is there ever a time when Smith CPAs could perform any of these services for XYZ Corporation?

Reference no: EM131202584

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