Sarbanes-Oxley Act of 2002 Prepared For Up and Coming Accountants Prepared By February 16‚ 2008 Letter of Intent February 16‚ 2008 To: Up and Coming Accountants I have written this report in order to fulfill my graduation requirements at Southwestern College. Also to become more knowledgeable on the Sarbanes-Oxley Act of 2002 (SOX) and the impact it has had on the business world. Today I am addressing you on information that can help you
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precise mechanism failures in accounting approaches and requires greater levels of fiduciary responsibilities especially for those companies that are involved in corporate governance. The Act also created the board named Public Company Accounting Oversight Board (PCAOB) to help create principles criteria and regulations for all SEC registrants. This legislation will not only affect the financial area of corporations‚ but will also affect the IT departments due part of their job it’s to store corporate
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on important issues like‚ see through financial reporting‚ efficient internal controls and CG. They give more importance to transparent CG‚ based on effective boards‚ strong rights of shareholders‚ disclosures etc. The Public Company Accounting Oversight Board has been established‚ which monitors annually the standards and procedures of auditing of public companies falling under the securities law. It also aims at gurading investors’ and as well as public interest. Whistle-Blowing is promoted by
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illegal issues such as fraud to be detected‚ auditors are more likely to consider misstatements in the financial statements reported by management. Senior editor Sarah Johnson notes in her 2010 article in CFO.com “the Public Company Accounting Oversight Board (PCAOB) is also trying to close the expectations gap between what investors expect and what auditors do.” Therefore‚ auditors are not entirely responsible for all kinds of fraud because they provide reasonable assurance. SAS No. 99‚
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LLP Arthur Andersen LLP‚ with its ninety year history‚ for a long while stood as one of the most well respected‚ influential‚ high-earning‚ and ethical accounting firms in the world. Yet‚ with the rise of its consulting services‚ several apparent oversights‚ the demise of a number of its clients‚ and questions of the firms relationships with clients; the company came under attack from investors of its clients‚ regulators‚ and courts. Without a valid defense‚ based simply on its profession and who the
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Retrieved from www.fee.org/files/docLib/0703hunter.pdf ARTICLE SYNOPSIS Hunter’s article examines how the Sarbanes-Oxley Act (SOX Act) is too stringent and gives too much power over companies to governing bodies‚ i.e. the Public Company Accounting Oversight Board (PCAOB) (Hunter‚ 2007). It discusses how the SOX Act is unfair to domestic and foreign and small and large companies‚ their shareholders‚ and the public. The piece explains how the Act may compel some companies to use unethical actions to conduct
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Intermediate Accounting Paper The Financial Accounting Standards Board (FASB) is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public ’s interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973‚ replacing the Accounting Principles Board and the Committee
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Nikki Utt August 26‚ 2013 Case Study 1-6: Accounting in Crisis A) Reliable financial reporting is important to businesses and investors especially when a financial crisis forms and a company’s fundamentals are put to the test. In the early 2000’s the U.S and Canada were affected by the recession that had spread to other countries including Russia‚ Europe and Japan (Wikipedia‚ 2013). Many believe that the recession was caused by the economic boom of the late 1990s with minimal inflation
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ZZZZ Best Case: 1. According to the Public Company Accounting Oversight Board (PCAOB) AS 2610 .09 and .03 successors have the responsibility to obtain information regarding a new audit client from the clients’ previous auditor however‚ auditors may submit a proposal to conduct an audit engagement before this condition is fulfilled. The purpose for this communication is to ensure that the new auditor can interpret the trustworthiness and integrity of the proposed client. Information that might affect
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GA-1 Prepared: JML 3/3/2013 March 5‚ 2012 Dear Mr. Lancaster: This letter will confirm our understanding of the arrangement for our audit of the financial statements of Apollo Shoes‚ Inc. for the year ending December 31‚ 2011. We will audit the Company’s balance sheet at December 31‚ 2033‚ and the related statements of income‚ comprehensive income‚ stockholders’ equity‚ and cash flows for the year then ended‚ for the purpose of expressing an opinion on them. We will also audit whether Apollo
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