Understanding of the PCAOB auditing standards

As professional auditors, you need to possess an understanding of the PCAOB auditing standards and the knowledge to help you deliver solutions to your clients. Read this week’s required articles: “The Impact of PCAOB Auditing Standard No. 5 on Audit Fees and Audit Quality” and “The Influence of Auditor and Client Section 404 Processes on Remediation of Internal Control Deficiencies at All Levels of Severity”, as well as Auditing Standard No. 5 (Links to an external site.)Links to an external site.. After reading the materials, answer the following: • Do professional standards allow a company’s auditors also to provide tax services and retain their independence? • How have provisions of the Sarbanes-Oxley Act limited a public company’s choice of auditors? • What are some of the advantages and disadvantages of permitting auditors to provide non-audit services (such as tax services) to clients? • What is the impact of a smaller number of major international accounting firms on public companies?