A key issue in the overtime lawsuits is whether audit staff below the position of audit senior requires close supervision and have the ability and authority to exercise “independent discretion and judgment.” Do professional auditing standards mandate that these employees be closely supervised? Likewise, do those standards prohibit these employees from exercising independent discretion and judgment?
Answer to relevant QuestionsList three types of consulting services that audit firms are now prohibited from providing to clients that are public companies. For each item, indicate the specific threats, if any, that the provision of the given service ...Will the overtime policy of prospective employers influence your job choice? Why or why not?What are the key conditions or circumstances that must be present for a company to be “auditable”? What uncommon challenges to “audit ability” are posed by Chinese companies?What type of professional services was PwC providing to the TFG? What professional standards apply to such engagements?Do you agree with the assertion that “accounting can lead to perceptions of reality”? Why or why not? In deciding whether to adopt a proposed accounting standard, should accounting rule-making bodies consider whether ...
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