Give a definition of

Question

The CEO of your company recently met with the external auditors to discuss the scope of the year's audit. The auditors suggested that they conduct an integrated audit. The CEO has asked you, the accountant, to make a presentation at the next board of directors meeting that includes the following:

Give a definition of auditing.

Explain the purposes and reasons for public accounting firms to perform an integrated audit. Address the Sarbanes-Oxley Act (SOX).

Explain corporate governance and its relation to integrated audits.

Cite an example of a recent failure in corporate governance.

Find an article in which the actions that the public perceived as necessary to improve the quality of corporate governance are discussed; list the actions requested according to the article.

Answer 1

Consider the following situation and as per need, respond to all questions. Scenario: The CEO of your company lately met up with the external auditors to describe the scope of the year's audit. The auditors recommended that they carry out an integrated audit. The CEO has asked you, the accountant, to prepare a presentation at the subsequent board of directors meeting that comprises the following: 1) Provide a definition of auditing 2) Describe the main purpose and reason for public accounting firms to carry out an integrated audit. Address the Sarbanes-Oxley Act (SOX). 3) Describe corporate governance and its relation to the integrated audits. 4) Cite an illustration of a recent failure in the corporate governance. 5) Determine article in which the actions which the public distinguished as necessary to enhance the quality of corporate governance are illustrated; list the actions requested in accordance to article.