Reference no: EM132698902

In July 0f 2002 the United States Congress passed the Sarbanes-Oxley Act into law and as such, it impacts the public accounting profession, specifically public accountants that are performing services to companies that are publicly registered within the jurisdiction of the Securities and Exchange Commission.

Question 1. Briefly discuss the key events that led up to the Sarbanes-Oxley Act of 2002 and the creation of the PCAOB.

Question 2. Briefly summarize management's and the auditor's basic responsibilities under Section 404 of the Sarbanes-Oxley Act of 2002.

Question 3. Briefly describe the responsibility of the PCAOB with respect to standards for the professional conduct of auditors of public companies, and explain how it came to have that role. What is the role of the PCAOB inspection process in carrying out the board's responsibilities?

Question 4. In what way does the Sarbanes-Oxley Act of 2002 change criminal liability for auditors of public companies?

Question 5. What type of sanctions can the SEC and the PCAOB impose on auditors?

Question 6. Explain how internal auditors play a role in helping management comply with the requirements of the Sarbanes-Oxley Act of 2002.