How to word the following sentences differently According t.pdf

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How to word the following sentences differently? According to the Committee of Sponsoring Organization (COSO), internal control is defined as a process, effected by an entitys board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: Reliability of financial reporting. Effectiveness and efficiency of operations. Compliance with applicable laws and regulations. The Sarbanes-Oxley Act of 2002 (SOX) 2002 had a profound effect on corporate governance in the U.S. The Sarbanes-Oxley Act requires auditors of Public companies to report to the audit committee the following: The performance of internal control tests. Make directors and officers personally liable for the accuracy of financial statements by making them sign and attest to the accuracy of the Financial Statements. Strengthening audit disclosures..

Education

1 Emerging Auditing Issues By Week 8 Assignment 4 ACC 571 Emerging Auditing Technologies Instructor Dr. University February 27, 2016 ABSTRACT Following the numerous pre-2002 accounting scandals that bedeviled corporate America, the U.S. Congress passed the Sarbanes-Oxley Law of 2002 (SOX,2002), to prevent and deter future accounting fraud, protect investors and increase confidence in public company financial accounting reporting and ensure confidence in the US stock markets. SOX created the Public Company Accounting Oversight Board (PCAOB) charged with overseeing public company audits, setting audit standards, and investigating acts of noncompliance by auditors or audit firms. The PCAOB which is set up by the Securities and Exchange Commission under SOX, 2002 has the following responsibilities: registration of public accounting firms that audit publicly traded companies, establishing or adopting auditing, quality control, ethics, independence, and other standards relating to audits of publicly traded companies, inspecting public accounting firms, investigating registered public accounting firms and their employees, conducting disciplinary hearings, and imposing sanctions were justified, performing such other duties as necessary to promote high professional standards among registered accounting firms, and enforcing compliance with the SOX Act, 2002, the rules of the Board, professional standards, and securities laws relating to public company audits.( Kranacher, et, al 2010). In this document attempt is made to evaluate the impact of PCAOB, herein after called the Board, in improving the reliability of audited financial statement of public companies, and assess the impact of the Board’s regulatory role on the accounting profession. The document further evaluates whether or not the Board should issue additional regulations regarding the responsibilities for corporate officers and auditors of financial statements and their impact on financial statement integrity. It looks at the impact of SOX regulation on internal control environment and speculates on the level of testing necessary to provide assurance of completeness and accuracy for CEOs to certify the company’s financial statements. The document assesses how the System Design Life Cycle model would impact the emerging issues, recommend a strategy for dealing with the emerging issues and determine the types of fraud schemes that might go undetected if these recommendations are not implemented. Has PCAOB been effective with improving the reliability of audited financial statement for the public users of the information? The establishment of the Public Company Accounting Oversight Board (PCAOB) in line with SOX as an independent oversight body of public company audits has ended more than 100 years of self-regulation and improved the quality and integrity of financial reporting. By shifting responsibility for external auditor relationship from.

Oxley-Act

Muhammad Ahmad

The Sarbanes-Oxley Act of 2002 (SOX) established new accounting oversight standards and corporate governance rules for U.S. public companies in response to accounting scandals. SOX created the Public Company Accounting Oversight Board to oversee audits of public companies and established standards for auditor independence. It also implemented whistleblower protections and criminal penalties for fraud and document destruction during investigations. While SOX aimed to restore investor confidence, critics argue it imposes high compliance costs on companies.

The Sarbanes-Oxley , 2002 contains following provisions which determ.pdf

sharnapiyush773

The Sarbanes-Oxley , 2002 contains following provisions which determines more adequacy of control over financial statements. One of the core elements of Sarbanes-Oxley was to clearly define and place responsibility for a company’s financial statements with its cchief executive officer (CEO) and chief financial officer (CFO), SOX mandated that these executives certify the following items (among others) for each annual and quarterly report: • They have reviewed the report • Based on their knowledge, the financial information included in the report is fairly presented • Based on their knowledge, the report does not contain any untrue statement of material fact or omit a material fact that would make the financial statements misleading • They acknowledge their responsibility for establishing and maintaining internal controls over financial reporting and other disclosures • They have evaluated the effectiveness of these controls, presented their conclusion as to effectiveness and disclosed any material changes in the company’s controls. SOX required companies to provide audit committees with the resources and authority to engage independent counsel and advisers to help them carry out their duties. SOX also required audit committees to establish procedures for receiving whistleblower complaints regarding accounting, auditing and internal control irregularities and to provide for the confidential and anonymous treatment of employee concerns regarding such matters. In addition, SOX enhanced the external auditor’s required communications with the audit committee to include the following: • A discussion of all critical accounting policies and practices used by the company • All alternative accounting treatments that have been discussed with management, the ramifications of the use of alternative disclosures and accounting treatments and the accounting treatment preferred by the audit firm • Other material written communications between the auditor and management. Conclusion: I think the provisions of Sarbanes oxely Act are adequate, We should also focus on the practicality of ever changing corporote world . A recent report showed that chances of reinstatement of financial statements are 46% higher for the companies who do follow sarbanes- oxley act. See this provision of Sarbanes oxely act. Officers and directors are prohibited from trading during pension “blackout” periods: The Act prohibits corporate officers and directors from trading company securities during a pension fund “blackout” period . It was never there . It was aptly introduced by Sarbanes-oxely Act. Solution The Sarbanes-Oxley , 2002 contains following provisions which determines more adequacy of control over financial statements. One of the core elements of Sarbanes-Oxley was to clearly define and place responsibility for a company’s financial statements with its cchief executive officer (CEO) and chief financial officer (CFO), SOX mandated that these executives certify the following it.

Act of As a direct result of the.docx

write4

Role of audit committee in cg - Published in SSRN-id2487167

Dr. Ahmed M. Al-Baidhani

Abstract: Corporate governance is very important in our business world today, especially after the frequent non-stop worldwide financial crises. Strong corporate governance is now considered a basic condition to accept and register an organization in most of the Stock Exchange Markets all over the world. The audit committee plays a major role in corporate governance regarding the organization’s direction, control, and accountability. As a representative of the board of directors and main part of the corporate governance mechanism, the audit committee is involved in the organization’s both internal and external audits, internal control, accounting and financial reporting, regulatory compliance, and risk management. This paper focuses on the audit committee’s powers, functions, responsibilities, and relationships within the framework of corporate governance.

Becg

Gargi Das

The document discusses several reports and committees related to corporate governance in India. It discusses the key topics, objectives, and recommendations of the Kumar Mangalam Birla Committee report on corporate governance (1999), the Narayan Murthy Committee report on Clause 49 (2002), the Naresh Chandra Committee report on auditing practices (2002), and amendments made to corporate governance regulations in India in 2011. It also outlines the roles and responsibilities of boards of directors, independent directors, audit committees, and remuneration committees in corporate governance.

Cost benefits of sox compliance

Alok Singh

corporate governance committes

manu prabhu

The Sarbanes-Oxley Act of 2002 was passed in response to major corporate and accounting scandals to increase corporate accountability and protect investors. It established new or enhanced standards for all U.S. public company boards, management, and public accounting firms. Key provisions included requiring CEOs and CFOs to certify the accuracy of financials, increasing penalties for financial misconduct, and strengthening auditor independence and corporate governance. The Act aimed to rebuild investor confidence in the securities markets.

please explain in detail What is the PCAOB? Please explain what is the law, a describiton of the law. Solution Public Company Accounting Oversight Board has been established as a part of the Sarbanes and Oxley Act , 2002 with a view to protect investors interest in public companies through a oversight over companies accounting and auditing practices. PCAOB is mainly focused on implementing effective auditing practices, improving audit quality and maintain public trust in the financial and auditing reports. The Sarbanes and Oxley Act 2002, passed after major financial crimes such as Enron is a United States Federal Law. It has eleven titles and establishes corporate accountability and civil and criminal liabilities for white collar crimes. Title 1 contains provisions of the Public Company Accounting Oversight board. Some of the major provisions of the Act are : (i) It requires public companies to evaluate and disclose the functioning of internal controls and independent auditors have to agree to such disclosure. (ii) Financial reports are to be certified by the Chief Financial Officer and Chief Executive Officer. (iii) Auditor independence , and outrightly prohibits any non audit work which can be carried out by an independent auditor. (iv) Prohibits personal loans to directors of the companies (v) Accelerated reporting of insider trading (vi) It also requires public companies to have an indepedent audit committee to oversee the relationship between auditor and the company (vii) Enhanced criminal and civil liabilities for any violations.

Sarbanes-Oxley Act (SOX) Essays

Krystal Ellison

The document provides an overview of the Sarbanes-Oxley Act of 2002 (SOX) which was passed in response to major corporate accounting scandals to increase transparency and prevent fraud. SOX established new regulations and oversight for public companies, accounting firms, and management. It created the Public Company Accounting Oversight Board to regulate audits and required companies to comply with standards around financial disclosures, internal controls and corporate governance. SOX also increased penalties for financial misconduct and expanded requirements for corporate responsibility and financial disclosure.

OMM 622Question 1 – 250 words The Quality of Financial Informa.docx

vannagoforth

1) Auditors visiting a company department as part of a company-wide audit will evaluate internal controls and compliance with the Sarbanes-Oxley Act. The Sarbanes-Oxley Act established requirements for certified and accurate financial reporting following the Enron collapse to reduce accounting irregularities. 2) Various organizations regulate financial reporting quality and enforce standards, including the FASB, SEC, and FIRA. The FASB establishes accounting standards, while the SEC oversees public company reporting through various securities laws like the Sarbanes-Oxley Act. 3) High quality financial reports are relevant, faithfully represented, comparable, timely, verifiable, and understandable. Reporting quality is

Describe and illustrate the use of a bank reconciliation in controll.pdf

forwardcom41

Describe and illustrate the use of a bank reconciliation in controlling cash, & Describe the Sarbanes-Oxley Act of 2002 and its impact on internal controls and financial reporting. Solution Answers The use of bank reconciliation in controlling cash Bankreconciliation is a necessary process to identify potential errors, fraud or irregularities, and it enables the company to make proper adjustments to its cash-account balance. Bank reconciliation provides an independent, external record of a company\'s cash flows. Most companies prepare a detailed cash budget that is reviewed and updated on a regular basis. The cash budget lays out projected cash inflows and outflows over a given time period as part of the company\'s cash-management plan. The Sarbanes-Oxley Act of 2002 and its impact on internal controls In the wake of the 2001-2002 Arthur Andersen accounting scandal and collapse of Enron and WorldCom, the government, the investors and the American public demanded corporate reforms to prevent similar future occurrences. Viewed to be largely a result of failed or poor governance, insufficient disclosure practices, and a lack of satisfactory internal controls, in 2002 Congress passed the Sarbanes-Oxley Act seeking to set standards and guarantee the accuracy of financial reports. After a prolonged period of corporate scandals in the United States from 2000 to 2002, the Sarbanes-Oxley (SOX) was enacted in July 2002 to restore investors\' confidence in the financial markets and close loopholes that allowed public companies to defraud investors. The act had a profound effect oncorporate governance in the U.S. The Sarbanes-Oxley Act requires public companies to strengthen audit committees, perform internal controls tests, make directors and officers personally liable for accuracy of financial statements, and strengthen disclosure. The Sarbanes-Oxley Act also establishes stricter criminal penalties for securities fraud and changes how public accounting firms operate.

Sarbanes–oxley act

Angshuman Mitra

Corporate governance

Syed Ameer Hayder

The document discusses corporate governance reforms in Pakistan. It identifies key areas for improvement such as disclosure of shareholder ownership and control, reporting of related party transactions, and compliance with annual general meetings. It notes the important role of the Institute of Chartered Accountants of Pakistan in driving reforms. The Code of Corporate Governance aims to strengthen the role of non-executive directors and institutional investors. Independent oversight of accounting and auditing is needed to enhance credibility. Stock exchanges are responsible for overseeing listing requirements and compliance with the governance code.

Audit paper----Lu Han

Lu Han

The document discusses the creation of the PCAOB by the Sarbanes-Oxley Act of 2002 in response to several major accounting scandals in 2001-2002 that undermined public confidence in auditors. It analyzes the impact of the PCAOB on improving auditing standards and decreasing accounting deficiencies and fraud compared to the previous self-regulatory approach of the AICPA. The PCAOB adopted auditing standards, registered accounting firms, inspected audit reports, and enforced compliance through potential sanctions. Studies cited found the PCAOB reduced non-misstatements and revenue-related deficiencies in large, mid-sized, and small accounting firms. The PCAOB is argued to have been a necessary reform as an external regulator, unlike the

13 internal controls

CA. (Dr.) Rajkumar Adukia

This document discusses internal controls and the role of chartered accountants in developing and maintaining effective internal control systems. It defines internal controls and outlines their importance for mitigating risks and preventing issues like fraud. It describes the skills chartered accountants can contribute in areas like developing control standards, identifying gaps, monitoring controls, and assisting with regulatory compliance. The document also provides a brief history of the development of internal controls and key frameworks/regulations globally and in India.

THEORY Group Paper TURN IN

Caron Schmidt

SOX led to changes in corporate governance, accounting conservatism, and earnings management. Regarding corporate governance, SOX strengthened audit independence and improved board oversight. It increased financial reporting conservatism initially but this effect was not sustained long-term. SOX moved firms from accrual-based earnings management to real earnings management. Future research on costs/benefits of SOX and its long-term impacts is needed.

1 intro

Lala Lala

This document provides an introduction and overview of an auditing course. It discusses what an audit is, the responsibilities of management and auditors, and the purpose of auditing financial statements. It also covers key terms like GAAP, GAAS, PCAOB, and the different types of attestation engagements and reports. The instructor's background is provided, as well as administrative details about assignments, exams, and grading for the course.

Audit committee and corporate governance

SujathaN8

This document discusses the roles and responsibilities of audit committees in corporate governance. It begins with definitions of audit committees and their objectives, which include overseeing financial reporting, monitoring accounting policies, and overseeing internal and external auditors. It then reviews the history of audit committees and their evolution over time through various committee reports. Finally, it outlines the key roles and responsibilities of audit committees, which include overseeing financial reporting, selecting and monitoring external auditors, overseeing regulatory compliance, and monitoring internal controls and risk management. The audit committee plays an important role in ensuring transparency and accountability.

Sarbanes oxley act overview-v4-final v1

Vijay Kumar C.A.

The document discusses the Sarbanes-Oxley Act of 2002 (SOX), which aimed to improve corporate governance and financial transparency following several major corporate and accounting scandals. It established the Public Company Accounting Oversight Board to oversee audits of public companies. Key provisions of SOX include strengthening audit committees, requiring CEO/CFO certification of financial reports, mandating internal controls over financial reporting, and enhancing auditor independence. While SOX applies to US public companies, it does not apply to private companies or non-US companies not listed on US exchanges, though similar requirements exist in India through SEBI guidelines.

Team1 so xpresentation

bobbyreeder

The Sarbanes-Oxley Act (SOX) was passed in 2002 in response to major corporate accounting scandals to increase transparency and accuracy in financial reporting. SOX established new or expanded standards for all U.S. public company boards, management, and public accounting firms. Key provisions addressed auditor independence, corporate governance, internal control assessment, and financial disclosure. SOX also strengthened criminal penalties for violation of securities law and increased criminal sentences for white-collar crimes like fraud.

The Sarbanes-Oxley Act at 15 (EY Publication)

Azhar Qureshi

The Sarbanes-Oxley Act of 2002 (SOX) established the Public Company Accounting Oversight Board (PCAOB) to oversee audits of public companies and improve accountability in financial reporting. SOX also strengthened corporate governance and financial disclosure. The PCAOB registers audit firms, inspects audits for compliance, and sets auditing standards. SOX has improved audit quality and increased transparency and oversight of both companies and auditors. While some provisions like internal control reporting have faced criticism, SOX overall increased investor confidence in US financial markets.

Overview on Audit committee

SujathaN8

This document provides an overview of audit committees, including their definition, composition, responsibilities, roles, and history. An audit committee is a key part of corporate governance that typically oversees financial reporting, risk management, compliance, and the internal and external audit functions. It must be composed of independent directors, with at least one financial expert. The main responsibilities of an audit committee are to oversee the financial reporting process, internal controls, and the selection and independence of external auditors. Audit committees have evolved over time with various regulations and acts, such as the Sarbanes-Oxley Act of 2002, requiring their establishment and independence.

Sox

ashish_makhija

The document discusses the Sarbanes-Oxley Act (SOX) and its effects. SOX was passed in 2002 in response to accounting scandals at Enron and other companies. It established new regulations and oversight for public company accounting and governance. SOX aimed to restore investor confidence by increasing transparency and executive accountability. However, it also increased costs and regulatory burdens for companies and reduced initial public offerings in the US.

Corporate governance jagadeesh

N V Jagadeesh Kumar

Corporate governance involves balancing the interests of a company's stakeholders through rules, practices, and processes that direct and control the company. It provides the structure for setting objectives, monitoring performance, and determining how to attain objectives. The OECD defines it as the set of relationships between management, the board of directors, shareholders, and other stakeholders. India's corporate governance framework is outlined in the Companies Act 2013, SEBI guidelines, listing agreements, accounting standards, and secretarial standards. The Companies Act 2013 and Clause 49 of listing agreements emphasize the role of boards and board processes to strengthen corporate governance for listed companies. They require minimum numbers of independent directors, audit committees, and periodic disclosures for transparency.

Sarbanes-Oxley Act (SOX)

vinaya.hs

The document discusses the Sarbanes-Oxley Act (SOX) passed in 2002 in response to several major corporate accounting scandals. SOX aimed to restore confidence by requiring stricter financial disclosures, independent audits of internal controls, corporate fraud accountability, and protections for whistleblowers. Key aspects of SOX include CEO/CFO certification of financial reports, management assessment of internal controls, auditor oversight, and analysis of potential conflicts of interest for securities analysts.

Corporate governance and the role of professionals under the Companies Act, 2...

D Murali ☆

Week Lecture - Evaluating the Quality of Financial ReportsThe coll.docx

wendolynhalbert

Week Lecture - Evaluating the Quality of Financial Reports The collapse of Enron in the early 2000s, which was a result of massive financial manipulation, gave rise to a new era of financial reporting supervision with the establishment of the Sarbanes-Oxley Act in 2002. The Act required all executives to give certified and accurate financial information. Various mechanisms were put in place to reduce financial accounting irregularities (Cunningham, 2005). Managers are therefore required to have a clear understanding of the regulations put in place and the bodies which enforce them in order to conform with them accordingly. Issuance of financial reports and sale of securities to the public is monitored by such organizations as: The Financial Accounting Standards Board (FASB) The Securities and Exchange Commission (SEC), and The Financial Industry Regulatory Authority (FIRA) The Financial Accounting Standards Board (FASB) has developed the financial accounting standards to be used in the U.S. since 1973. Its function is to oversee the preparation of financial reports by non-governmental entities. FASB ensures that financial statements contain information relevant for sound decision making. The Securities and Exchange Commission (SEC) has been charged with the statutory authority of establishing reporting standards for U.S. public companies. Although it does not develop the Generally Accepted Accounting Principles (GAAP), it has power to monitor financial reporting. The SEC seeks its authority from three security laws: The Securities Act of 1933 (SEC, 2012b), The Securities Exchange Act of 1934 (SEC, 2012c), The Investment Company Act of 1940 (SEC, 2012a), The Sarbanes-Oxley Act of 2002 (SEC, 2005), and The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (SEC, 2014). The Financial Industry Regulatory Authority (FIRA) regulates securities firms conducting business with the public in the U.S. The International Accounting Standards Board (IASB) develops and Publishes International Financial Reporting Standards through the help of its 15-full time members from different countries working with stakeholders all over the world. The usefulness of financial reports to readers depends on report quality. The conceptual framework for financial reporting categorizes qualitative characteristics of financial reports into two broad categories: fundamental qualitative characteristics, which include relevance and faithful representation, and enhancing qualitative characteristics, which make financial reports more useful and include comparability, timeliness, verifiability, and understandability. Presentation of financial reporting is limited by materiality and cost constraints. There exist differences in U.S. reporting requirements and the international requirements, although efforts have been undertaken to congregate the U.S. GAAP rules with the international financial reporting rules (Oxford Analytica, 2009). Differences in U.S. reporting req.

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How to word the following sentences differently According t.pdf

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