What are the steps of conducting an inspection by the pcaob

Assignment Help Accounting Basics

Reference no: EM132694364

The PCAOB and SEC coordinate their efforts to ensure public firms' compliance with their rules and regulations and to protect investors. Section 106 of the Sarbanes-Oxley Act of 2002 requires that auditors of a U.S. issuer registered with the PCAOB consent to produce workpapers when requested by either the SEC or the PCAOB. Among the common investigations by the PCAOB is the failure to cooperate with an inspection or investigation. Likewise, Rule 102(e) of the SEC "Improper Professional Conduct" gives the SEC the power to sanction auditors if there is professional misconduct.

Question a) What are the steps of conducting an inspection by the PCAOB?

Question b) What are the implications of violating the PCAOB inspections rules (types of sanctions) and discovery of audit deficiencies on Loxon?

Reference no: EM132694364

Questions Cloud

What is the gain or loss on the exchange : A printing press priced at a fair market value of $275,000. Assuming that the book value of the press traded in is $68,000, what is the gain or loss on exchange

Dwayne and debbie tamai family of emeryville : Provide a comprehensive narrative of Billy's competency and creating emotional distress on his parents. Modern approach use computer and internet technologies

Identify aspects of the performance management : Create a skills matrix including a variety of tasks which may be completed by members of your workforce and What should be specified by a professional code

Determine the patent amortization expense for year : Kleen Company acquired patent rights on January 10 of Year 1 for $2,800,000. Determine the patent amortization expense for Year 4 ended December 31

What are the steps of conducting an inspection by the pcaob : What are the implications of violating the PCAOB inspections rules (types of sanctions) and discovery of audit deficiencies on Loxon?

Culture can correct impact of lagging leadership creativity : This journal article focus on the how positive team culture can correct the impact of lagging leadership creativity.

Determine the amount of depletion expense : Alaska Mining Co. acquired mineral rights for $67,500,000. Determine the amount of depletion expense for the current year

Do believe that loxon fulfilled their responsibilities : Do you believe that Loxon fulfilled their responsibilities to each of the four stakeholders mentioned? Section 10A of the SEC Act of 1934 requires auditors

Review the monte carlo analysis method : Review the Monte Carlo Analysis method presented in Chapter 15 in Practical Project Risk Management. Then, determine whether you would recommend to a project.

User Account

All Pages