Running head: Nonprofits and SOX Heather Tanenbaum Student ID: 3750548620 Accounting Capstone: Senior Seminar in Accounting ACC499 004016 Summer 2009 Nonprofits and the Sarbanes Oxley Act Submitted: Submitted to: Tee M. Thein Table of Contents Abstract Introduction SOX regulations for nonprofits Reasons for nonprofits to adopt SOX Conclusion Research file memorandum Communication memorandum References Abstract Introduction
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Historically‚ the audit committee has always had the role of oversight and monitoring management and the outside auditor. Now‚ through recent listing requirements for the various stock exchanges and NASDAQ‚ the SEC has greatly strengthened the role of the audit committee. As a result of these changes‚ the audit committee is to be viewed as part of the formation of a "three-legged stool‚" consisting of the audit committee‚ management and the independent auditors‚ with the audit committee to be deemed
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Planning the external audit The audit committee guide series “Effective audit committees are critical to the quality of financial reporting and the proper conduct of business. This guide is one of a series that is meant to help audit committees meet their oversight and fiduciary responsibilities.” – Trent Gazzaway‚ National Managing Partner of Audit Services Contents 2 Role of the external auditor 3 Audit planning 4 Financial statement assertions 6 Designing audits 7 Judging materiality 9 Assessing
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Small and Large Firms Regulatory Costs: The Case of the Sarbanes-Oxley Act By James A. Millar and B. Wade Bowen The article first begins with an introduction of how and why the Sarbanes-Oxley Act of 2002 (SOX) came about as a result of large scandals such as Enron and Tyco. Many companies believed that the costs of these new regulations exceeded the benefits‚ which is found prevalent with the addition of section 404 which required an auditor’s opinion on annual financial reports. In particular
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sysact202.blogspot.com North South University Website: http://www.northsouth.edu School of Business Website: http://www.northsouth.edu/academic/sob/ Course & Section Information Class Time & Location ST 9:40-11:10 at NAC 409 Course Prerequisite(s) ACT 201 Course Credit Hours 3.0 Course Description The course covers numerous interesting and important topics for the would-be managers. The course emphasizes on usage of accounting information for managerial decision. Course Objectives The students
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Main provisions of the Education Act 2002 The Education Act 2002 received Royal Assent in July. The Act implements the legislative commitments set out in the White paper Schools — Achieving Success. It is a substantial and important piece of legislation intended to raise standards‚ promote innovation in schools and reform education law. The following summary sets out the main provisions of the Act. Furthermore‚ the wallchart sets out when the provisions will come into force. (Download the LEA or
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SOX Compliance The Sarbanes–Oxley Act of 2002 (passed on 30 July 2002) is a federal law of United States that has established new and improved regulations for all the US companies in reaction to the growing financial statement frauds‚ which resulted in huge losses to investors. So it was an attempt by US congress to reinforce corporate governance and restore the faith of the investors in the US financial reporting system. It made extensive changes in the freedom and productiveness of the auditors
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mentioned in the case study above‚ Kellogg is going through a challenging time. Perform an external audit on Kellogg. Discuss the opportunities and threats facing the company. Answer Perform an external audit on Kellogg‚ will gain the team with better understanding of the firm industry‚ competitors and markets. It should involve as many managers and employees as possible. Before perform the audit‚ Kellogg must try to gather as much as possible on competitive intelligence and information
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Plan‚ perform and advise on a variety of external audit assignments in connection with financial and worksite enforcement. Perform audits of suspected criminal organizations and businesses for the purpose of substantiating compliance with laws and regulations. Provide technical assistance and analysis to Criminal Investigators and others. Review financial documents and employment documents. Conduct systematic examinations of financial records associated with financial and worksite enforcement investigations
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UNIVERSITY OF ECONOMICS IN BRATISLAVA‚ INTERNATIONAL MANAGEMENT MEASURING OF TEAM WORK EFFECTIVENESS (FINAL PROJECT) Subject: Organizational Behavior Students: Katarína Hodásová‚ Nela Jakubisová‚ Peter Hudák‚ Sandra Kadlečíková‚ Zuzana Daneková BACKGROUND FACTORS About the company With more than 380‚000 customers—including 100 of the Fortune 100—and with deployments across a wide variety of industries in more than 145 countries around the globe‚ Oracle offers an optimized and fully
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