CLERP 9 and the Sarbanes Oxtey Acts were developed by the Australian and US governments, respectively...

 

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CLERP 9 and the Sarbanes Oxtey Acts were developed by the Australian and US governments, respectively in order to improve the financial reporting environment and the quality of audits. However, both Acts have different provisions regarding the provision of non-audit services (NAS) by the auditors and audit firm/partner rotation. Evaluate the literature on the effectiveness (or non- effectiveness) of the two Acts in relation to their provisions on audit partner/firm rotation and the provision of NAS, then provide recommendations on whether and how the two Acts may be improved. (Your evaluation should include the weaknesses/imitations of the Acts, specific examples of issues relating to their implementation, and must be supported by research evidence). CLERP 9 and the Sarbanes Oxtey Acts were developed by the Australian and US governments, respectively in order to improve the financial reporting environment and the quality of audits. However, both Acts have different provisions regarding the provision of non-audit services (NAS) by the auditors and audit firm/partner rotation. Evaluate the literature on the effectiveness (or non- effectiveness) of the two Acts in relation to their provisions on audit partner/firm rotation and the provision of NAS, then provide recommendations on whether and how the two Acts may be improved. (Your evaluation should include the weaknesses/imitations of the Acts, specific examples of issues relating to their implementation, and must be supported by research evidence).