ACC 490 Week 1 Complete DQ1.Why is public accounting often viewed as a guarantor of results, or even as a provider of assurance that oneâ€™s investment is of high quality? To what extent is it reasonable to view the auditor as a guarantor? Explain. To what extent do you believe that user expectations of the public accounting profession appear to be unwarranted? Explain. DQ2.The Sarbanes-Oxley Act of 2002 has been described as the most far-reaching legislation affecting business since the passage of the 1933 Securities Act. What are the specific portions of the legislation that affect the external audit profession, and how do they affect the profession? How does the legislation affect the internal audit profession? What are some activities that are implied in the legislation, as well as activities that will likely emerge as companies implement various provisions of the act? Do you believe the legislation enhances the power and prestige of the audit profession, or alternatively, does it decrease both the power and prestige of the profession? Explain. The Sarbanes-Oxley Act of 2002 has been described as the most far-reaching legislation affecting business since the passage of the 1933 Securities Act. What are the specific portions of the legislation that affect the external audit profession, and how do they affect the profession? How does the legislation affect the internal audit profession? Individual Assignment – Generally Accepted Auditing Standards Paper Prepare a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. Address the following in your paper: â€¢ Describe the elements of the Generally Accepted Auditing Standards (GAAS). â€¢ Describe how these standards apply to financial, operational, and compliance audits. â€¢ Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. â€¢ Discuss the additional requirements that are placed on auditors from this act and the actions of the PCAOB. Format your paper consistent with APA guidelines.
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