Discuss the three matters which Sarbanes-Oxley requires auditors of public companies to report to the audit committee.

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Discuss the three matters which Sarbanes-Oxley requires auditors of public companies to report to the audit committee.


Answer:

The three items that must be reported to the audit committee are:
• All critical accounting policies and practices to be used.
• All alternative treatments of financial information within generally accepted accounting principles that have been discussed with management, ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the auditor, and
• Other material written communications between the auditor and management, such as any management letter or schedule of unadjusted differences.

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