Should Smaller Public Companies be Exempted from Complying with SOX Section 404(b)? ABSTACT On July 21‚ 2010 the Dodd-Frank Wall Street Reform and Consumer Protection Act provided the non-accelerated public companies (those with a market capital below $75 million) a permanent exemption from complying with the Sarbanes-Oxley (SOX) Section 404(b). The Section 404(b) would have required these smaller companies to do what larger companies over the $75 million market cap are currently doing;
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Motions to dismiss and motions for summary judgment are similar‚ however‚ the motions are fundamentally different. A motion for summary judgment is governed by Rule 56 of the Federal Rules of Civil Procedure. It is typically filed after the parties have completed the discovery phase‚ because a summary judgment motion commonly includes information from the complaint and answer‚ and from interrogatories‚ and depositions. Also‚ under a motion for summary judgment‚ it is the judge’s role to determine
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background and has also successfully completed an Executive management course from the prestigious Synthetic Institute of Business Studies‚ Amritabad‚ - with a specialization in strategic human resource management‚ now works for an eminent manufacturing company – Rail Coach Factory (RCF)‚ Boregaon‚ as the HR cum Factory Manager. Raman Khanna’s passion to contribute to India’s growth was the single most important factor in his choice of a job. RCF is a 150 year old PSU‚ manufacturing railway wagons and containers
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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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The Demand for Audit and Other Assurance Services O ssu a S s Chapter 1 ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-1 SarbanesSarbanes-Oxley Act Enron WorldCom The Act established the Public Company Accounting Oversight Board. It also requires auditors to report on the effectiveness of internal control over financial reporting. ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-2
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Internal Audit Report for ABC Company Abstract The purpose of this report is to notify the accounting department about an accounting error that was discovered in a recent audit. Because of a weak internal control system‚ an adjusting entry for prepaid insurance was not recorded for the first three months in the amount of $500 per month. This report will identify three limitations of the internal control system‚ it will identify and explain two examples of internal control procedures‚ find symptoms
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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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Securing Yourself Online Final Version 1 Attention Catcher: You are at risk. All of us are at risk. I’m not talking about STDs‚ global warming‚ or terrorism. I’m talking about your life online. You’re at risk of having your computer taken over so that perfect strangers can read your e-mail‚ access your bank accounts‚ pilfer your credit card numbers‚ and even steal your identity. 2 Listeners Link: Speakers Credibility: As college students‚ we’re particularly vulnerable because we spend
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Strategic Audit of Hyundai Motor Company [Writer Name] [Institute Name] Hyundai Motor Company Introduction Hyundai Kia Automotive Group is a parent company of Hyundai Motor Company (HMC). In Korean‚ Hyundai means modernity. Hyundai is the largest car maker in South Korea after took control of Kia and ranked world fifth largest automaker in terms of sales. Hyundai’s vision is to provide value to the future of customers. In addition‚ their mission is to provide excellent automotive value for
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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 (GAAS)****
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