The Sarbanes-Oxley Act of 2002 Name Tutor Institution Course Date Introduction The numerous scandals that involved corporate and investors in the year 2002 such as Enron‚ WorldCom and Tyco came as shock to many investors in the United States. Many investors lost their money to fraudulent activities by accountability corporate making them loose confidence in financial statements provided. Such loses created concern within the government prompting them to overhaul all the
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Assignment 3: Freescale Semiconductors‚ Inc. Desislava Tabakova Advanced Auditing Additional laws and harsher penalties can eliminate crimes if the criminal feels that there is a direct relationship between punishment and crime. According to the deterrence theory of crime if there is certainty of punishment‚ additional laws and harsher penalties will reduce financial fraud or even mitigate it. Additional laws can make punishments more severe and harsher penalties can increase the intensity of punishments
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Corporate Compliance Answer Book.book Page 29 Thursday‚ June 17‚ 2010 4:20 PM 2 Implementation of Effective Compliance and Ethics Programs and the Federal Sentencing Guidelines Steven D. Gordon* How should a company go about designing and implementing a compliance program? While other chapters address the specifics of compliance programs in particular industries‚ this chapter considers issues relating to designing and implementing compliance and ethics programs generally. The biggest influence
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records must be saved for more than five years. The consequences for not following the rules are fines‚ imprisonment‚ or both. There are several sections to the Sarbanes-Oxley Act that describes the establishment‚ registration‚ auditing‚ quality control‚ rules‚ investigations
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Week 8 – Final Exam Cherie A. Parker University of the Potomac BUS 502 – Managerial Economics DATE \@ "MMMM d‚ yyyy" October 19‚ 2014 Professor Denise Touhey Abstract Architectural design of firm may vary among companies. There are most common categories are business environment‚ strategy‚ and organizational architecture. Business environment of Andersen includes technology that was used effectively; structure of its markets‚ regulations which helped Andersen to grow along with its reputation
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Introduction Independence is a fundamental to the reliability of auditors’ reports. It is an attitude of mind characterized by integrity and an objective approach to professional works. A professional auditor should work both independent and seen to be so. Nowadays‚ but‚ the trend of providing non-audit services to audit clients seem to be sweeping accounting firms all over the world; impacts of independence impairment caused by this trend should not be ignored. The Meaning of Independence The
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Abstract Introduction The Sarbanes-Oxley Act (SOX) of 2002 (U.S. House of Representatives 2002) was passed by congress as a result of a wave of accounting scandals and related financial irregularities in corporations such as Enron‚ WorldCom and Tyco. SOX is called the most significant securities legislation since 1933 and 1934 securities ACT. The Act attempted to make ethics more black and white rather than a gray area. The increased guidelines have changed businesses and business
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improving accounting practices and protecting investors from corporate misconduct. SOX requires corporate executives to vouch for the accuracy of financial statements‚ and to institute and monitor effective internal controls over financial reporting. The cost of implementing an effective internal control structure are onerous‚ and SOX inflicts opportunity costs upon an enterprise as executives have become more risk adverse due to fears of incrimination. The Public Company Accounting Oversight Board (PCAOB)
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allegation receives much impetus in recent years because non-audit revenue has out-grown audit revenue to become a much more dominant source of public accounting firms’ total revenue. After the recent financial scandals involving large firms like Enron and Worldcom‚ concern regarding auditor independence has climbed to a height. This triggered the adoption of the Sarbanes-Oxley (SOX) Act which passed into law on July 30‚ 2002. The effect of the Sarbanes-Oxley Act has been far reaching from corporate
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BA (HONS) ACCOUNTING & FINANCE BA (HONS) PROFESSIONAL ACCOUNTING PROFESSIONAL ACCOUNTANCY COURSE YEAR 3 AUDIT & ASSURANCE 1 INDIVIDUAL ASSIGNMENT BRIEF HAND OUT DATE: 5th October 2011 HAND IN DATE: INSTRUCTIONS FOR COURSEWORK You are required to research and prepare a report based on one of the following topics. Please seek the assistance of the module leader Ivor Pingue and your seminar tutors for help and guidance with your coursework. Do not leave the research too late
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