High Court Ruling Only Tweaks Sarbanes-Oxley Act Article Review Calvin Fritz LAW/421 August 5‚ 2013 Instructor Nadia Bishop High Court Ruling Only Tweaks Sarbanes-Oxley Act Article Review The Supreme Court made a ruling in Free Enterprise Fund vs. PCAOB saying that Sarbanes-Oxley (SOX) will remain “fully operative as law” with the exception that The Securities and Exchange Commission will be able to remove at will members of the Public Company Accounting Oversight Board. Previously they
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Economy Review Questions: 1-1. The special function performed by the public accounting profession is the attestation to the fairness of the financial statements of clients. The special function ensures the reliability and integrity of the financial reporting system. Judge Burger described the special function as "certifying the public reports that collectively depict a corporation’s financial status‚" which involves "a public responsibility transcending any employment relationship with the client
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Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms‚ establishing standards for audit engagements‚ and inspecting the quality of audits conducted by public accounting firms ****Generally Accepted Auditing Standards
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The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board (PCAOB) to assume the responsibility of overseeing the auditors of public companies. The PCAOB is a private-sector‚ non-profit corporation. It was established to "protect the interests of investors and further the public interests in the preparation of informative‚ fair‚ and independent audit reports". (The PCAOB) Although the PCAOB is a private sector organization‚ it has many government-like regulatory functions. The PCAOB
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supplying related products including manpower supplies to the oil and gas industries. The husband and wife which are Encik Zayed and Puan Hashimah were the two principal shareholders and controlling directors for the company. The company expands into provision of engineering services as part of their business diversification and expansion plans. The company had maintained a very lean organization with basic functional positions. DESB employed their own family members to work in the company with minimal
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than likely to find themselves being placed into teams. Members of teams are called upon to play certain roles on the teams they belong. These roles‚ when performed properly go a long way to ensure the success of their teams. According to The Teaching and Learning with Technology Unit of the Information Technology Services of Penn State Schreyer’s website (2007)‚ within teams a number of roles can be implemented or used depending on the type of team being assembled‚ but on a majority of them one
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Accounting Horizons Vol. 21‚ No. 2 June 2007 pp. 165–187 Auditor Communications with the Audit Committee and the Board of Directors: Policy Recommendations and Opportunities for Future Research Jeffrey Cohen‚ Lisa Milici Gaynor‚ Ganesh Krishnamoorthy‚ and Arnold M. Wright SYNOPSIS: To contribute to the Public Company Accounting Oversight Board (PCAOB) project on auditor communications with audit committees and boards of directors‚ we present in this paper a review of relevant academic literature
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for an external audit in the case of companies arises primarily from the existence of split-up of ownership from control. When control is shared an audit report will be needed in order to ensure that all the partners or be it shareholders are on the same page as the managers (the ones who will be controlling the company) and know what has been happening in the company‚ what is happening at present and what can be expected to happen in the future in order to increase returns in the company. The case
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maintain its internal operating efficiencies. All project teams were given strict cost and schedule guidelines for new product introductions. They create a sophisticated research and development team‚ which is responsible for locating likely new avenues for technological change 5 to 10 years down the road. CASE STUDY 1.2 - The IT Department at Hamelin Hospital 1. The potential problems and advantages with acquiring project team members to be involved in multiple projects at the same time :
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SARBANES-OXLEY SECTION 404: A Guide for Management by Internal Controls Practitioners SARBANES-OXLEY SECTION 404: A Guide for Management by Internal Controls Practitioners The Institute of Internal Auditors 2nd Edition‚ January 2008 Table of Contents About the Second Edition...........................................................................................................iii How to Use This Guide ...........................................................................
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