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Sarbanes-Oxley Act Of 2002: Case Study

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Sarbanes-Oxley Act Of 2002: Case Study
1- public accounting firm is a firm that registered by the public accounting oversight board so it provides accounting service to public company. Sarbanes-Oxley Act of 2002 contains provision preventing any company which is not registered with the board from, furnishing, participating in an audit of a public company or preparing. the different categories of public accounting firm are as follow :
(Local  Regional  National  Big 4  Alternative Practice Structures)
Also there are different types of accounting firm such as public accounting, Tax accounting, forensic accounting, bookkeeping.
The name of external auditor of unikai is )Mohammed tareq( KPMG lower gulf limited.

2- The auditors have great roles to play in the society, there are many hypothesis that shows why the audits is demanded in our society. …show more content…
Auditors can reduce risks by following four guidelines : Accurate processing
Policies and procedures in place
Safeguards against fraud risks
Operational risks and information systems controls.

10- Using explanatory notes provide a way for the reader to access additional information if they feel it is necessary. It allows an easily access to place for complex definitions or calculations to be explained. Explanatory notes may also include information about future activities that are anticipated to have a notable impact on the business or its activities.
These notes are important to the users because it fulfilling the needs of the external users of the financial statements.

Types of explanatory notes are as follow : NOTES THAT EXPLAIN INTANGIBLES for example from the consolidated statement of financial position of unikai the amount of intangible assets as for (461).

NOTES ABOUT VALUING INVENTORY, in the notes of significant accounting policies in the paragraph of inventories they states that inventories are measured at the lower of cost and net releasable
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