The Sarbanes-Oxley Act of 2002 Placed Significant Restrictions on the Types

question 35

Essay

The Sarbanes-Oxley Act of 2002 placed significant restrictions on the types of consulting that may be performed by auditors for their public company audit clients.
a.List four types of services that are prohibited by the Act.
b.List three types of general consulting activities that would impair the auditors' independence based on the AICPA Code of Professional Conduct.
a.Services prohibited by the Act include (4 required):
· Bookkeeping or other services related to the accounting records or financial statements.
· Financial information systems design and implementation.
· Appraisal,valuation and actuarial services.
· Internal audit outsourcing services,management functions or human resources.
· Various investment services.
· Legal services and expert services unrelated to auditing.
b.Consulting functions that the AICPA Code of Professional Conduct indicate impair independence include (3 required):
· Authorizing,executing or consummating a transaction.
· Preparing source documents.
· Having custody of client assets.
· Supervising client employees in their normal recurring activities.
· Determining which recommendation should be implemented.
· Reporting to the board of directors on behalf of management.
· Serving as a client's stock transfer or escrow agent,registrar,or its general counsel.

Grasp the concepts of selective understanding, exposure, and remembering in media consumption.

Recognize the impact of agenda-setting, framing, and cultivation theory on public perception and media effects.

Identify different theories related to media influence, including mass society theory and spiral of silence.

Comprehend the historical perspectives on media effects, including key contributions by scholars.

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Definitions:

Ideal Self

A person's conception of how they would like to be, often serving as a standard for self-evaluation.

Affirmations

Positive statements that are repeated to oneself to challenge negative thoughts and foster self-belief.

Positive Self-Talk

A practice of making affirming statements to oneself to boost confidence and emotional well-being.

Self-Image

An individual's perception of themselves, including their appearance, abilities, and character.