The Act also imposes a one-year waiting period for audit firm employees who leave an accounting firm to become an executive for a former client. Auditor IndependenceĪuditors now have a list of non-audit services they can't perform during an audit. It also inspects, investigates, and enforces compliance from these registered firms. All accounting firms that audit public companies must register with the Oversight Board. This board sets standards and rules for audit reports. The Public Company Accounting Oversight Board was created to oversee the audit of public companies. This article takes a closer look at six main areas of the Act: Oversight Board Non-compliance comes with significant penalties. Now, all companies required to file periodic reports with the Securities and Exchange Commission (SEC) have new duties for reporting and corporate obligation. Sarbanes-Oxley has been called by many the most far-reaching U.S. The Sarbanes-Oxley Act was signed into law on Jin response to corporate scandals. When corporate names become synonymous with scandal and greed, public confidence wavers. Enron, Arthur Andersen, Worldcom, and Tyco.
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