Registered audit firms have significant incentives to perform well during PCAOB inspections. For each of the...
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Registered audit firms have significant incentives to perform well during PCAOB inspections. For each of the following actions taken to improve a firm's performance in annual inspections, explain why you believe the action does or does not violate professional expectations of ethics and integrity. a. Utilizing previous inspection results to help plan current-year audit engagements. b. Hire an outside consulting firm to help predict which audit engagements are most likely to be selected for PCAOB inspection. c. Invite PCAOB inspectors to join your firm in a leadership role designed to help improve audit quality and performance on annual PCAOB inspections. d. Utilize confidential data obtained from former inspectors who left the PCAOB to join your firm. e. Solicit confidential data about the PCAOB inspection process (e.g., selected engagements, areas of emphasis for specific engagements) from current or recently departed employees at the PCAOB. Registered audit firms have significant incentives to perform well during PCAOB inspections. For each of the following actions taken to improve a firm's performance in annual inspections, explain why you believe the action does or does not violate professional expectations of ethics and integrity. a. Utilizing previous inspection results to help plan current-year audit engagements. b. Hire an outside consulting firm to help predict which audit engagements are most likely to be selected for PCAOB inspection. c. Invite PCAOB inspectors to join your firm in a leadership role designed to help improve audit quality and performance on annual PCAOB inspections. d. Utilize confidential data obtained from former inspectors who left the PCAOB to join your firm. e. Solicit confidential data about the PCAOB inspection process (e.g., selected engagements, areas of emphasis for specific engagements) from current or recently departed employees at the PCAOB.
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a Utilizing previous inspection results to help plan currentyear audit engagements This action is generally acceptable and does not violate profession... View the full answer
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
Posted Date:
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