Michael Williams
license University Online
ACCT 531-B03
Abstract
Why was the Sarbanes Oxley Act of 2002 (SOX) and the Public Company Accounting precaution Board (PCAOB) established? This research paper seeks to provide answers to this unbelief and to focus on the use of the Technology that best facilitates compliancy with the requirements of these bodies. The Sarbanes-Oxley Act was passed by Congress in 2002 and named after Senator capital of Minnesota Sarbanes and Representative Michael Oxley, who were its main architects. Its general purpose was to ensure secure, light and accurate financial disclosure by corporations. It also grade a number of deadlines for compliance. To assist in implementation and forethought of SOX, the act also created the Public Company Accounting lapsing Board (PCAOB). The role of PCAOB is to oversee and guide tenders as they appraise a companys compliance with SOX. One picture of this guidance is the creation of Proposed Auditing Standards7 that provides more detailed guidance for assessing compliance with the intent of SOX.
The board is independent of the auditing industry and answerable to the Securities and flip Commission (SEC). The board can create rules to ensure auditor independence from clients and proper conduct of audits in general. Under Sarbanes-Oxley, an attorney (in-house or outside counsel) who discovers company wrongdoing must allege the chief executive officer, then the board. If the problem remains unaddressed, the attorney must resign from representing the company.
Keywords: AIS, IS, Internal Controls, PCAOB, SOX,
Why was the Sarbanes Oxley Act of 2002 (SOX) and the Public Company Accounting Oversight Board (PCAOB) established?
The Sarbanes Oxley Act of 2002
History
On July 30, 2002, the Sarbanes-Oxley Act of 2002 was...If you want to get a full essay, order it on our website: Ordercustompaper.com
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