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I need help with writing a memo 500 – 600 words to address that the company my firm is preparing an audit for does not have an explicit Code of Conduct written and there is no financial expert on the audit committee. We will need to address the objectives below:
In this assignment, you will work with the fact that RPC ‘s board does not have an explicit Code of Conduct written. There is no financial expert on the audit committee.
Develop a memorandum which advisesRestorative Pharmaceutical Corporation’s(RPC) management on this fact regarding RPC and revealed to you by your senior audit manager and firm partner, Scott Payne, CPA regarding the lack of a code of conduct and lack of a financial expert on the audit committee. Draw your advisement from regulatory requirements (such as the Sarbanes-Oxley Act), the Committee of Sponsoring Organizations Integrated Framework, and other relevant best practice.
- Analyze the unqualified audit report and identify the required circumstances and wording for the modification of the standard audit report.
- Analyze transaction cycles.
- Develop components of an audit.
- Discuss the application of audit theory, GAAS, and a professional code of practice in conducting an audit.
- Explain audit review and documentation.
- Judge the levels of risk and create a final audit plan.
- Use team, problem-solving skills and effective communication techniques to collaborate on a project.
The student should identify the requirements of the Sarbanes Oxley Act of 2002 which require the inclusion of a financial expert and a Code of Ethics for the company, specifically requirements of Sections 406 and 407. Link to Securities and Exchange Commission Web site:https://www.sec.gov/rules/final/33-8177.htm