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Submitted by moday on April 14, 2008
Category: Business
Words: 1131 | Pages: 5
Views: 338
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Accounting Reporting Criteria
When financial mishaps such as the Tyco and Enron scandals came to light; it was evident that the Government needed to step in to ensure that corporations were reporting their finances accurately and honestly. For this reason Congress passed the Sarbanes Oxley Act (SOx) in 2002. The Act details the requirements for financial reporting for public corporations and is overseen by the Securities and Exchange Commission. The Sarbanes Oxley Act requires all publically traded corporations to follow strict requirements for financial accounting and reporting. Boeing and Airbus are the two leading rival builders of aircraft, and they do not follow the same regulations for internal controls. One of the reasons for these differences is due to the fact that Boeing in a domestic corporation and Airbus is an international corporation. For the purpose of this paper, Team A will compare and contrast the regulatory environments of the two corporations.
The Boeing Company takes its regulatory governance very seriously and the company has worked very hard to meet the challenge of SOx compliance. In order to ensure the company is SOx compliant, Boeing has employed significant resources. One of these resources is the Corporate Audit organization. Corporate Audit is responsible for reviewing the internal control system to assure that all organizations are achieving the regulatory objectives and that the system is functioning as intended. These reviews are important so that the company can fix any discrepancies in order to pass external audits.
Most of the organizations within Boeing have Regulatory Governance groups that employ subject matter experts (SME’s). Some of these SME’s are Boeing employees and some are contract employees from PricewaterhouseCoopers, Jefferson Wells, and other companies. Their role is to help the control performers understand the controls, the audit process, and the requirements for SOx. Often these...
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