NaimExplain

What are the consequences to auditor of Sarbanes oxley act 2002? stricter enforcement of auditor independence rules and PCOB can request audit files of american subsidiaries anywhere in the world.

What are the consequences to management of Sarbanes Oxley act 2002? CEO's and CFO's must attest to the accuracy of financial statements and there is greater disclosure about amendments to accounts during audit.

What should you do if you suspect non compliance? Document and discuss with management.  Risk assessment.  Obtain evidence.

Benefits of an audit Independent scrutiny of business.  Additional assurance for banks for example.  Growing business will one day need audit.  Subsidiary audit benefits parent.