|
|
This is only a preview of the paper
Click here to register and get the full text.
Existing members click here to login
|
|
|
Events which brought about the Act
From the mid-1990s though the first quarter of 2000 the American economy was booming. ... "
The Sarbanes-Oxley Act was created to re-affirm investor confidence in corporate America and with the intention to prevent future "slip-ups" like those of companies like Enron and Tyco.
Key Provisions of the Act
The Sarbanes-Oxley Act of 2002 was signed into law by George W. Bush and became effective on July 30, 2002. Key provisions of the act include:
· it created the Public Company Accounting Oversight Board to enforce professional standards, ethics, and competence for the accounting profession
· strengthens the independence of firms that audit public companies
· increases corporate responsibility and usefulness or corporate financial disclosure
· increases penalties for corporate wrongdoing
· protects the objectivity and independence of securities analysts
· increases Securities and Exchange Commission resources
Provisions of SAS No. ... 99 became effective for audits of financial statements December 15, 2002. ... " The key provisions of this act are as follows:
Auditors must exercise professional skepticism when considering the possibility of a material misstatement due to fraud. ...
How the Provisions have changed the CPA Profession, CPA Firms, Audits, Regulatory environment
The Sarbanes-Oxley Act has changed the accounting profession as a whole because now all CPAs are held to a higher standard when it comes to turning out any work.
Approximate Word count = 1025
Approximate Pages = 4.1
(250 words per page double spaced)
|
|
|
|
|
|