The issue of whether the performance of nonattest (consulting) services for audit clients impairs independence of the auditors has been widely debated within the public accounting profession. Restrictions on the performance of consulting are a major aspect of the Sarbanes Oxley Act of 2002.
a. Describe the restrictions that are placed on the performance of nonattest services for audit clients by the Sarbanes-Oxley Act of 2002.
b. List arguments for restricting nonattest services for audit clients.
c. List arguments against restricting nonattest services for audit clients.
d. Present your opinion and support it with one or more of the arguments listed above.