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Term paper on sarbanes oxley
like the way Barry. Sarbanes-Oxley is "consistently called the broadest-sweeping legislation to affect corporations and public accounting since the 19ecurity acts, experts agree the resulting changes are just beginning" (Fass,. (Institute, 2010) The Sarbanes- Oxley Act was established to revitalize investors belief that the financial market is a sound body and uncorrupt. (Curtis rschoor, 2012) Barbara Roper, director of investor protection at the Consumer Federation of America, expresses reservations about the laws efficiency Sarbanes-Oxley has clearly enhanced the integrity of the financial markets and the quality of financial reporting, she says. These financial statements are the responsibility of the Companys management. Four key elements must be included in this report: Statement of Responsibility by Company Management (the CEO and CFO) for establishing and maintaining an adequate internal control structure and procedures for financial reporting. Emerging from it camelegislation that would make sure that fraud on that huge of a scale would never materialize again. There is no telling what amount of fraud or embezzlement has taken place since the creation of our countrys financial structure without these guidelines. Iasb/Australian Framework are: objectives of financial statements; qualitative characteristics of financial information (such as relevance, reliability, comparability. Potential investors would not be able to make a continual assessment of the company;. Arens, Elder, Beasley, 2013) Another particular game changing piece of The Sarbanes-Oxley Act is Section 404 which created unprecedented requirements regarding reporting internal control procedures.
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In order to offset the significantly increased auditing costs, a large number of company's switched to smaller auditing firms. Second, the law aimed to cut short opportunities for companies to defraud institutional and individual investors. A legal framework and its structure is meant to be interpreted by those who not only have knowledge in the legal world, but have the insight and foresight to see the ramifications of these codes and dispense them accordingly. Interests, aspirations, and rules of conduct are often open to scrutiny inthe corporate world as well as within the public purview; specifically shareholders. Oversight Board which provides oversight for auditors of public companies establishes auditing and quality control standards for public company audits and performs inspections of the quality controls at audit firms performing those audits. Public Company Accounting Oversight. In the Mission Statement of certain corporations and non-profits, there is conspicuous language which tells of the aims of the entity in question. Enrons stock price peaked at 90 per share which raised flags about there being no supporting evidence behinds these claims of financial superiority. Smaller companies have more difficulties following all of the section of the law and thus regulators gave extensions for 2005 report filing. A study by Foley Lardner, a law firm, concluded that as many as 20 of companies are considering becoming private companies to avoid the expensive costs of Sarbanes-Oxley (Sarbanes-Oxley Special Report, 2005). While The Sarbanes-Oxley act has a great deal of support, it is not a perfect solution.
Eleven major provisions of Sarbanes -Oxley provide a publicly held company with significant insight into the importance of Sarbanes -Oxley law. (Sarbanes -Oxley Act Section 404, 2002). Impact on Company Costs/Market Implementing SOX requirements can be particularly costly to qualifying. The Term Paper on Financial Accounting Theory the Reporting Environment.
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