Question: Do CPA firms have a responsibility to perform audits of
Do CPA firms have a responsibility to perform audits of charitable organizations for reduced or lower-than-normal audit fees? Defend your answer. Other than audit fees, what other benefits do accounting firms accrue by auditing a charity?
Answer to relevant QuestionsIdentify unique or uncommon audit risk factors posed by a charity. How should accounting firms modify their audits to address these risk factors?Develop one or more control policies or procedures to alleviate the control weaknesses you identified in responding to Question 2.Who has the final responsibility for the integrity of an SEC registrant’s internal controls: its audit committee, its management team, or its independent auditors? Explain.Why do you believe that SOX does not provide legal remedies for corporate whistleblowers who are punished by their employers after communicating with members of the news media?Jon Fries (CEO), Fletcher Anderson (COO), Craig Schuster (CFO), and Catherine Sprauer (division controller) were the four central figures in this case. Identify the key responsibilities associated with the professional roles ...
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