NORTHCENTRAL UNIVERSITY ASSIGNMENT COVER SHEET Learner: Anderson, Leona M. MGT7019 | Dr. Jennifer Scott | | | Ethics in Business | Case Study: A primer on Sarbanes- Oxley | <Add Learner comments here> ------------------------------------------------- ------------------------------------------------- Faculty Use Only ------------------------------------------------- <Faculty comments here> ------------------------------------------------- -------------------------------------------------
Words: 2048 - Pages: 9
Sarbanes-Oxley Act (SOX) of 2002 Topics Covered: How SOX affects the following: CEO’s and CFO’s of Public Companies Outside Independent Audit Firms SOX section 404 on Internal Control The Main Advantages and Disadvantages of SOX Executive Summary The Sarbanes-Oxley Act of 2002 (SOX) was intended to create more transparency in financial reporting and to combat the perceived inflation of CEO compensation. To do this, the act required that a board of directors be financially independent
Words: 4177 - Pages: 17
engagements that require procedures to be applied to financial reporting processes and controls, but do not necessarily require an audit. Then there are findings and recommendations that are used when implementing a system. The next type of audit is the SAS 70 audit. According to "NBD Accountants Consultants" (2008), “It is an auditing standard put forth by the AICPA that is utilized by auditors for examining internal controls in service organizations. Service organizations are the host of companies that
Words: 1107 - Pages: 5
order to avoid fraudulent reporting, the Securities Exchange Commission (SEC) has mandated that auditing for organizations must be completed by independent accountants. Today scrutiny of the accounting industry is more intense as laws are created to punish those that choose to falsify information. This paper aims to explain the importance of the Sarbanes-Oxley Act (SOX) as it relates to the internal control, Chief Executive Officers and Chief Financial Officers. We will also identify the pros and cons
Words: 2955 - Pages: 12
Generally Accepted Auditing Standards Jessica Lyle ACC/491 February 17, 2014 Dwayne Thompson The auditing process is an important part of the financial system. The auditing of a company provides a means of accountability, and it ensures that the financial information provided by the company is accurate. This is significant because investors use these financial statements in order to determine the value or financial health of a company. When conducting an audit, it is important to take into
Words: 844 - Pages: 4
Auditing Standards Accounting 491 November 16, 2015 Dwayne Thompson Auditing Standards The art of auditing has evolved over several decades. The use of technology has changed the procedure significantly. Along with the evolution of standards and procedure are necessary to ensure economic growth and financial stability. Before 2002, it seems as though auditing took a reactive approach to questionable circumstances and dealings. Today the powers in control are producing a proactive approach
Words: 1005 - Pages: 5
financial management is considered critical in combating corruption, alleviating poverty, and ensuring the effective use of internal and external resources. This course is a fundamental course that aims to provide basic understanding of effective public financial management systems to the participants in a better, quicker and efficient way by making them familiar with various internal and external techniques available to strengthen the fiscal transparency and management that is catalyst for economic growth
Words: 14542 - Pages: 59
Statement on Accounting Standards CC: Learning Team B SAS No. 115 was issued by the Auditing Standards Board to provide guidance to auditors with respect to what should be communicated to management and those charged with governance in an organization. SAS No. 115 requires the auditor make communications, in writing, to management regarding significant deficiencies and material weaknesses in internal controls that you note in your audits SAS No. 115 supersedes SAS No. 112 because it clarifies
Words: 527 - Pages: 3
about 20 million customers and 80,000 employees and was the second largest long distance carrier in the U.S. WorldCom grew largely by aggressively acquiring other telecommunication companies like MCI Communications. WorldCom also owned UUNET, who controls over 50% of the wires that internet service providers use to carry internet traffic all over the world. Even before the fraud began, the company was already going through financial difficulties due to a large amount of debt and declining revenue
Words: 4329 - Pages: 18
Recommendation Brief for an Internal Accountant Internal auditing helps companies to look at ways of improving and achieving short-term and long-term objectives. Internal auditors are hired to perform internal audits that look at a company’s operations, investigating fraud, financial reporting, safeguarding assets, and compliance of the laws and regulations set for companies. The internal auditors are employed to improve a company’s internal controls. Effective working internal controls detect and prevent
Words: 676 - Pages: 3
