World Bank 02 Internal External Audit

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Sarbanes-Oxley Act of 2002 Impact on External Audit •Extends the FDICIA 112 attestation to all publicly traded companies •New independence rules • Sec. 201. Prohibits 8-types 8 of non-audit Services • Sec. 202. Requires audit committee preapproval of all other non-audit services • Sec. 203. Requires audit partner rotation every 5-years 20
Sarbanes-Oxley Act of 2002 Impact on External Audit •New independence rules (Con’t( Con’t) • Sec. 204. Requires auditor to provide audit committees a report on – all critical accounting policies and – alternative accounting treatments • Sec. 206. Requires a 1-year 1 “cooling off” period for auditors seeking employment as CEO, CFO, Chief Accounting Officer, or Controller of a client 21
Page 1 and 2: Internal/External Audits Joint Worl
Page 3 and 4: Internal Audit, Corporate Governanc
Page 5 and 6: Internal Audit, Corporate Governanc
Page 7 and 8: US Internal Control Standards •CO
Page 9 and 10: FDICIA 112 Requirements for Managem
Page 11 and 12: Sarbanes-Oxley Act of 2002 Other Im
Page 13 and 14: Bank Audit Requirements •Current
Page 15 and 16: Role of External Auditors in Bankin
Page 17 and 18: Roles and Responsibilities of inter
Page 19: FDICIA 112 Requirements for Externa
Page 23 and 24: Basel Committee Activities •Exter

World Bank 02 Internal External Audit

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