The Impact Of The Sarbanes Oxley Act Of 2002 Section 404
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Author | : Barry Leonard |
Publisher | : DIANE Publishing |
Total Pages | : 139 |
Release | : 2011-05 |
Genre | : Business & Economics |
ISBN | : 1437924549 |
The Public Co. Accounting Reform and Investor Protection Act, otherwise known as the Sarbanes-Oxley Act, was enacted in July 2002 after a series of high-profile corp. scandals involving Enron and Worldcom. Section 404(a) of the Act requires management to assess and report on the effectiveness of internal control over financial reporting. It also requires that an independent auditor attest to management¿s assessment of the effectiveness of those controls. Efforts to reduce the costs while retaining the effectiveness of compliance resulted in a series of reforms in 2007. This report presents an analysis of data from publicly traded co. collected from a survey of financial exec. of co. with Section 404 experience. Charts. This is a print on demand report.
Author | : Patricia E. Scipio |
Publisher | : |
Total Pages | : 226 |
Release | : 2012 |
Genre | : Business |
ISBN | : |
Author | : Shane Tynan |
Publisher | : |
Total Pages | : |
Release | : 2006 |
Genre | : |
ISBN | : |
Author | : Rebecca Noonan |
Publisher | : |
Total Pages | : |
Release | : 2006 |
Genre | : |
ISBN | : |
Author | : Mark Altman |
Publisher | : |
Total Pages | : 154 |
Release | : 2007 |
Genre | : |
ISBN | : |
There has been much attention paid to the accounting and auditing professions as of late. After knowledge of the bookkeeping scandals in major companies such as Enron, World Com, and HealthSouth, to name a few, became public, a distrust of large corporations like these seemed to grow. The American people, and more importantly the Securities and Exchange Commission, wanted to know what was going on and put an end to it. In July of 2002, the Sarbanes-Oxley Act was passed in order to increase pressure on the heads of companies to get their numbers straight or face the consequences.
Author | : Jennifer Varner |
Publisher | : |
Total Pages | : 54 |
Release | : 2005 |
Genre | : Business enterprises |
ISBN | : |
Author | : Susan M. Gates |
Publisher | : Rand Corporation |
Total Pages | : 369 |
Release | : 2007-11-21 |
Genre | : Law |
ISBN | : 0833043951 |
What are the differential effects of regulation and policy on small businesses? What is the impact of special regulatory treatment for small businesses? This book sheds light on these issues through analysis of the regulatory and public policy environment with regard to small businesses, including focused studies in four key areas: health insurance, workplace safety, corporate governance, and business organization.
Author | : Dan Powers |
Publisher | : |
Total Pages | : 26 |
Release | : 2005 |
Genre | : Corporation law |
ISBN | : |
Author | : Office of Economic Analysis |
Publisher | : |
Total Pages | : 140 |
Release | : 2009-09-01 |
Genre | : |
ISBN | : 9781466299924 |
The Public Company Accounting Reform and Investor Protection Act, otherwise known as the Sarbanes-Oxley Act (the "Act"), was enacted in July 2002 after a series of high-profile corporate scandals involving companies such as Enron and Worldcom. Section 404(a) of the Act requires management to assess and report on the effectiveness of internal control over financial reporting ("ICFR"). Section 404(b) requires that an independent auditor attest to management's assessment of the effectiveness of those internal controls. Because the cost of complying with the requirements of Section 404 of the Act ("Section 404") has been generally viewed as being unexpectedly high,1 efforts to reduce the costs while retaining the effectiveness of compliance resulted in a series of reforms in 2007. This report presents an analysis of data from publicly traded companies collected from an SEC-sponsored Web survey of financial executives of companies with Section 404 experience conducted during December 2008 and January 2009. The analysis of the survey data is designed to inform the Commission and other interested parties as to whether changes occurring since 2007 are having the intended effect of facilitating more cost-effective internal controls evaluations and audits, especially as they may apply to smaller reporting companies. The findings of the analysis relating to efficiency include evidence on the total and component compliance costs, the changes in costs over time, and the factors that help to explain why costs are lower or higher for some companies than for others. These findings include evidence of direct and indirect effects that management ascribes to Section 404 compliance, including evidence on intended benefits. The 2007 reforms that are the focus of this inquiry include the SEC's June 2007 Management Guidance and its order approving the Public Company Accounting Oversight Board's (PCAOB) Accounting Standard No. 5 (AS5) (collectively referred to as the "2007 reforms"). We are primarily interested in whether and how companies' experience with Section 404(b) compliance changed following the reforms, yet this report also presents evidence on the implementation of both Section 404(a) and Section 404(b). This reflects the interrelationship between the two requirements.
Author | : Peter Mahon |
Publisher | : |
Total Pages | : |
Release | : 2006 |
Genre | : |
ISBN | : |