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Sarbanes-Oxley recommendations. Prepared by: Maged Soliman Subject:
Sarbanes-Oxley recommendations In this essay I would like to ...
... Ancher Public Trading TO: Board of Directors FROM: Learning Team A consultants DATE:
August 22, 2005 SUBJECT: Sarbanes-Oxley recommendations As consultants for ...
... as onerous regulations like those contained within Sarbanes-Oxley (popularly known ...
& Poor's MarketScope Any advice, analysis, or recommendations contained in ...
... Because the Sarbanes-Oxley reforms are substantially similar to Section 211 of ...
questionable accounting or auditing matters." Recommendations Public companies ...
... that were modified and incorporated in Section 406 of Sarbanes-Oxley. ... Recommendations
Companies must communicate the employee's responsibility to protect the ...
Submitted by magedsoliman on April 24, 2006
Category: Business
Words: 1409 | Pages: 6
Views: 416
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Prepared by: Maged Soliman
Subject: Sarbanes-Oxley recommendations
In this essay I would like to discuss the implications of the Sarbanes-Oxley (SOX) legislation. This essay provides a brief history of SOX's creation, explains the relationship amongst the FASB, SEC and PCAOB, describes the pros and cons of SOX, assesses the impacts of SOX, and lists ethical considerations of SOX.
History of SOX - the Sarbanes-Oxley Act of 2002 is legislation in response to the high profile financial scandals, such as seen with Enron and WorldCom. The purpose of this act is to protect shareholders and the general public from accounting errors and fraudulent business practices. The Sarbanes-Oxley Act introduced stringent new rules to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws. Sarbanes-Oxley is not a set of business practices and does not specify how a business should store records; rather, Sarbanes-Oxley defines which records are to be stored and for how long.
The relationship among the FASB, SEC and PCAOB SOX are administered by the Securities and Exchange Commission (SEC). The SEC sets deadlines for compliance and publishes rules on requirements. The Securities and Exchange Commission (SEC) is the department to which all publicly-traded companies, effective since 2004, are required to submit annual reports of the effectiveness of their internal accounting controls. The SEC has broad authority over all aspects of the securities industry. This includes the power to register, regulate, and oversee brokerage firms, transfer agents, and clearing agencies. Along with them, is the FASB.
The Financial Accounting Standards Board (FASB), is a professional standards board created by accountants to establish Generally Accepted Accounting Principles (GAAP), which are the accounting standards used by accountants in the U.S. The GAAP reporting method...
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