0
SOx has changed the Legal Landscape. The following are major provisions to the act:
• Creation of a Public Company Accounting Oversight Board
• New Roles for Audit Committees and Auditors
• Criminal Penalties
• Protection for Whistle blowers
• Financial Reporting and Auditing Process changes
• Certification by CEO and CFO
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What was the second major provision of the Sarbanes-Oxley Act?
Rules designed to increase auditor independence.
What are the two major provisions of Sarbanes-Oxley regarding the auditors' conflicts of interests?
What are the two major provisions of Sarbanes-Oxley regarding auditors, corporate responsibility, conflicts of interests and financial disclosures?
What was the third major provision of the Sarbanes-Oxley Act?
SOx has changed the Legal Landscape. The following are major provisions to the act: • Creation of a Public Company Accounting Oversight Board • New Roles for Audit Committees and Auditors • Criminal Penalties • Protection for Whistleblowers • Financial Reporting and Auditing Process changes • Certification by CEO and CFO
How can the provisions of the Sarbanes-Oxley Act help minimize the likelihood of auditors failing to identify accounting irregularities?
The Sarbanes-Oxley Act of 2002 is considered to be the most important change to federal securities laws in the United States since the New Deal. It came in the wake of a series of corporate financial scandals, including those affecting Enron, Arthur Andersen, and WorldCom. Among the major provisions of the act are: criminal and civil penalties for securities violations, auditor independence, certification of internal audit work by external auditors, and increased disclosure regarding executive compensation, insider trading and financial statements.While unquestionably useful to the investing public, thousands of companies now face the daunting task of ensuring their operations are Sarbanes-Oxley compliant. Auditing departments typically turn to a two pronged solution to achieve this goal. First, firms initiate a comprehensive external audit of the company by Sarbanes-Oxley compliance consultants to identify areas of risk. Second, firms initiate a company-wide installation of automated software systems that provide the security and electronic paper trails necessary to guarantee compliance on a long term operational basis.Perhaps the most controversial aspects of Sarbanes-Oxley Act are the change from industry self-promulgation and self-enforcement of standards relating to auditing, accounting, quality control, ethics, and independence, to, in effect, government regulation and promulgation of standards through the Public Company Accounting Oversight Board, and the limitations on the nonaudit services a company can provide to its audit clients. Although the Public Company Accounting Oversight Board is not directly empowered to establish accounting standards, Sarbanes-Oxley Act section 108 allows the SEC to recognize "generally accepted" accounting standards set by private entities.Sarbanes-Oxley Act established the Public Company Accounting Oversight Board, under Securities and Exchange Commission oversight, to be
Does the Sarbanes-Oxley Act applies to S-Corporations?
As the explanation already states: The Sarbanes-Oxley Act's major provisions include the following: * Creation of the http://www.answers.com/topic/public-company-accounting-oversight-board (PCAOB) * A requirement that public companies evaluate and disclose the effectiveness of their internal controls as they relate to financial reporting, and that independent auditors for such companies "attest" (i.e., agree, or qualify) to such disclosure * Certification of http://www.answers.com/topic/financial-statements by http://www.answers.com/topic/chief-executive-officer and http://www.answers.com/topic/chief-financial-officer-1 This means publicly-traded companies. S-Corps are privately-held.
What is the major function of monosaccarides?
Energy provision
Who sang Somewhere Only We Know?
Somewhere Only We Know was the first major single by the English band Keane. It was released in somewhat changed format in 2004 but first composed in 2001 by Tim Rice-Oxley.
How many expeditions did John Oxley go on?
Australian explorer John Oxley went on three major expeditions:In 1817, Oxley was sent by Governor Macquarie to follow the Lachlan River.In 1818, Oxley was then sent to follow the Macquarie River. During the course of this expedition, he discovered the rich Liverpool Plains.On 23 October 1823, Oxley departed Sydney to travel north along the coastline, for the purpose of finding a suitable settlement for a new penal (convict) colony.
What was the major provision of the 13th amendment?
to officially abolish slavery
Which was a major provision of the Treaty of Versailles?
A demand that Germany pay large war reparations
What are the five major activities of an operating system with regard to process?
a. The creation and deletion of both user and system processes b. The suspension and resumption of processes c. The provision of mechanisms for process synchronization d. The provision of mechanisms for process communication e. The provision of mechanisms for deadlock handling
The equal time provision ensures that only major-party contenders be given equal time by broadcasters?
False
