Challenge
In 2002, the US Securities and Exchange Commission had announced the Sarbanes-Oxley Act. It made it mandatory for companies to comply with the provisions of the Act, making rules tighter to increase auditor independence. The plan restricts non-audit services that could impede audit independence and demands that a company's audit committee first approve the services that are offered. Our client had invited Smart Tech team to review their existing auditing practices, verify if they complied with the provisions of the Act and to make necessary recommendations.