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grigory [225]
3 years ago
9

Rocky Point Brewery (RPB) filed an initial public offering in January 2016. RPB engaged Olsen & Alain, CPAs (O&A) in 201

3 to keep the books and prepare monthly and annual financial statements (while the company was privately-held), and terminated those services in December 2015. Under SEC and PCAOB rules, could RPB engage O&A to be their auditors now that it is a public company?
A.) Yes, but only if O&a rescinds any indemnification language existing in their non-audit engagement letters.B.) No, but only if the fees O&A received from these engagements exceeded five percent of the firm's annual revenues.C.) Yes, because the prohibited non-audit services were performed before the period of professional engagement.D.) No, because the prohibited non-audit services were performed during the period covered by the financial statements.
Business
2 answers:
ddd [48]3 years ago
8 0

Answer:

c. No, because the prohibited non-audit services were performed during

Explanation:

LuckyWell [14K]3 years ago
5 0

Answer:

The answer is: D.) No, because the prohibited non-audit services were performed during the period covered by the financial statements.

Explanation:

The SEC states that auditors can not perform certain non audit services to an audit client:

  • Bookkeeping
  • Financial information systems design and implementation
  • Appraisal or valuation services, fairness opinions, or contribution-in-kind reports.

Between 2013 and 2015, O&A performed the following services; bookkeeping  and preparing monthly and annual financial statements. When RPB goes public in January 2016, it presented financial statements provided by O&A, so O&A can not be RPB's auditors.

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