Download or read book Reporting Internal Control Deficiencies in the Post Sarbanes Oxley Era written by Gopal V. Krishnan and published by . This book was released on 2005 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study addresses the role of audit committees and auditors in the reporting of internal control deficiencies after the passage of the Sarbanes Oxley Act (SOX). We find that a higher number of meetings of the audit committee, lesser proportion of quot;financial expertsquot; in the audit committee, and more auditor changes characterize firms that report weaknesses in their internal controls compared to firms with no weaknesses. Prior restatements of financial statements are also higher for firms not reporting such weaknesses. The results are robust to controlling for a variety of firm characteristics such as complexity of operations, profitability, and growth. Our results underscore the importance of governance characteristics beyond general firm characteristics in examining the reporting of internal control weaknesses.

Download or read book How to Comply with Sarbanes Oxley Section 404 written by Michael J. Ramos and published by John Wiley & Sons. This book was released on 2004-03-29 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designed specifically for Sarbanes-Oxley Section 404 compliance, How to Comply with Sarbanes-Oxley Section 404 features: A step-by-step approach to engagement performance Original material from a leading expert in auditing and accounting Practice aids, including forms, checklists, illustrations, diagrams, and tables In-depth explanations to help professionals understand how best to approach the internal control engagement Examples and action plans providing blueprints for implementing requirements of the Act Order your copy today!

Download or read book SOX 404 for Small Publicly Held Companies written by Robert J. Sonnelitter, Jr. and published by CCH. This book was released on 2007 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: CCH's SOX 404 for Small, Publicly Held Companies enables you to successfully and efficiently make the internal control assessment required by Section 404 of the Sarbanes-Oxley Act. In particular, this book will help non-accelerated filers-those companies that have outstanding securities with a market value of less than $75 million-with the challenging and time-consuming SOX 404 requirements. This addition to the CCH reference library gives you the tools for the evaluation, planning documentation, risk assessment, testing, and reporting necessary for successful compliance with Section 404. It focuses on the SEC's rules for an assessment of internal controls and the PCAOB's requirements for independent auditors. The free, companion CD-ROM accompanying this book includes workpapers and checklists as well as primary source material from the SEC and PCAOB to make your research and reporting as quick and cost-efficient as possible. SOX 404 for Small, Publicly Held Companies and the accompanying CD-ROM address all that is necessary to perform an assessment of internal controls over financial reporting as well as an assessment of disclosure controls. Book jacket.

Download or read book Internal Audit Reports Post Sarbanes Oxley written by Susan M. Switzer and published by John Wiley & Sons. This book was released on 2007-01-06 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brimming with commonsense advice delivered in a conversational, easy-to-read style, Internal Audit Reports Post Sarbanes-Oxley: A Guide to Process-Driven Reporting helps you transform raw data into useable information and then translate that information into actionable messages while complying with the SOX Act.

Download or read book Internal Control Failures and Corporate Governance Structures A Post Sarbanes Oxley Act SOX Analysis written by Beng Wee Goh and published by . This book was released on 2007 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent corporate scandals suggest a breakdown in internal controls and the lack of adequate corporate governance mechanisms. In 2002, Congress passed the Sarbanes-Oxley Act, which requires firms to assess internal controls and report internal control weaknesses. My study examines the causes and consequences of material weaknesses (MW) reported under Section 302 of SOX. The study has four main objectives. First, I investigate whether firms that report MW are associated with less effective audit committees and boards of directors. Using 184 firms that reported MW from August 2003 to December 2004 and a matched-pair sample of control firms, I find that firms with lower audit committee financial expertise, smaller audit committees, and lower board independence are more likely to have MW. Second, I examine whether the managerial labor market imposes penalties on top management, audit committees, and boards of directors for internal control failures. I find that MW firms have significantly higher turnover of their audit committee members and outside directors than the control firms following the MW detection. Audit committee members and outside directors in the MW firms also lose more outside directorships than their counterparts in the control firms. There is some empirical support that the top management in the MW firms is more likely to leave the firm than their counterparts in the control firms. Additional analyses show that the extent of reputational penalties increase with the severity of the MW detected. Third, I examine whether the MW firms improve their governance structures upon the MW detection. The results indicate that MW firms experience greater improvement in their governance structures than the control firms. By the second year following the MW detection, the MW and control firms no longer differ in terms of audit committee independence, audit committee financial expertise, audit committee size, and board independence. Last, I examine whether the market reacts positively to the improvement in governance structures. I find a positive relation between the two-year buy-and-hold abnormal returns and the MW firms' improvement in audit committee size and board independence. This result is consistent with the improvement in governance structures restoring investor confidence in financial reporting.

Download or read book Audits of Internal Control for Public Companies Special Supplement for Use with Principles of Auditing and Other Assurance Services written by Ray Whittington and published by . This book was released on 2004 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Sarbanes Oxley Corporate Governance and Internal Control section 404 written by and published by . This book was released on 2005 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Discovery and Reporting of Internal Control Deficiencies Prior to Sox Mandated Audits written by Hollis Ashbaugh Skaife and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses firms' disclosures of internal control problems prior to audits mandated by Section 404 of the Sarbanes-Oxley Act (SOX) to investigate the economic factors that expose firms to internal control failure risks and managements' incentives to discover and report internal control deficiencies (ICDs). We find that firms making pre-SOX 404 ICD disclosures typically have more complex operations, recent changes in organization structure, more accounting risk exposure, fewer resources to invest in internal control and higher incidence of auditor resignation relative to firms that do not report internal control problems. Regarding incentives to discover and report internal control problems, we find that ICD firms have more prior SEC enforcement actions and restatements of financial statements, are more likely to use a dominant audit firm, and are more likely to have concentrated institutional ownership. Our findings are important in developing expectations about determinants of internal control problems across all SEC registrants including non-accelerated filers that are not yet required to comply with SOX 404, as well as providing baseline evidence for evaluating the discovery and reporting of ICDs under mandated internal control audits.

Download or read book Complying with Sarbanes Oxley Section 404 written by Lynford Graham and published by Wiley. This book was released on 2010-03-10 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: A step-by-step approach for planning and performing an assessment of internal controls Filled with specific guidance for small-business compliance to SEC and PCAOB requirements relating to Sarbanes-Oxley 404, Complying with Sarbanes-Oxley Section 404: A Guide for Small Publicly Held Companies provides you with specific guidance on working with auditors to achieve benefits and cost reductions. This practical guide helps you knowledgeably interpret and conform to Sarbanes-Oxley 404 compliance and features: Clear, jargon-free coverage of the Sarbanes-Oxley Act and how it affects you Links to current guidance online Specific guidance to companies on how to work with auditors to achieve benefits and cost reductions Coverage of IT and IT general controls Examples and action plans providing blueprints for implementing requirements of the act Easy-to-understand coverage of the requirements of the SEC and PCAOB Discussion of the requirements for assessing internal control effectiveness A look at how the new guidance will reduce your costs In-depth explanations to help professionals understand how best to approach the internal control engagement Practice aids, including forms, checklists, illustrations, diagrams, and tables Continuing to evolve and bring about business and cultural change, this area of auditing and corporate governance is demystified in Complying with Sarbanes-Oxley Section 404: A Guide for Small Publicly Held Companies, your must-have, must-own guide to SOX 404 implementation and an effective tool and reference guide for every corporate manager.

Download or read book Study of the Sarbanes Oxley Act of 2002 Section 404 written by Barry Leonard and published by DIANE Publishing. This book was released on 2011-05 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Public Co. Accounting Reform and Investor Protection Act, otherwise known as the Sarbanes-Oxley Act, was enacted in July 2002 after a series of high-profile corp. scandals involving Enron and Worldcom. Section 404(a) of the Act requires management to assess and report on the effectiveness of internal control over financial reporting. It also requires that an independent auditor attest to management¿s assessment of the effectiveness of those controls. Efforts to reduce the costs while retaining the effectiveness of compliance resulted in a series of reforms in 2007. This report presents an analysis of data from publicly traded co. collected from a survey of financial exec. of co. with Section 404 experience. Charts. This is a print on demand report.

Download or read book Corporate Governance Post Sarbanes Oxley written by Zabihollah Rezaee and published by Wiley. This book was released on 2007-04-20 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance Post Sarbanes-Oxley introduces a corporate governance structure consisting of seven interrelated mechanisms of oversight: managerial, compliance, audit, advisory, assurance, and monitoring. The book begins with a discussion of the new requirements for corporate governance and financial reporting brought about by Sarbanes-Oxley and then shows how a well-balanced functioning of the seven mechanisms produces a responsible corporate governance structure that ensures quality financial reporting and credible audit services. Each chapter includes checklists, real-world case studies, and best practice tips.

Download or read book Sox 404 for Small Publicly Held Companies 2007 written by Robert J Sonnelitter and published by Cch. This book was released on 2006-11-16 with total page 558 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Accounting Malfeasance and Financial Reporting Restatements in the Post Sarbanes Oxley Era written by Peter Harris and published by . This book was released on 2017 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Congress passage of the Sarbanes-Oxley Act of 2002 (SOX) was a direct response to the accounting scandals of the 1990s and an attempt to reform the financial/business reporting process. Due to corporate malfeasance in the United States since the mid 1990s, there has been a significant increase in the number of companies restating their financial statements. After a large increase in restatements over the first years after SOX, for the past five years, fewer companies are restating financial statements. This paper provides an overview of corporate accounting malfeasance, the state of corporate accounting malfeasance, reasons for its occurrence, comprehensive listings of the types of corporate accounting malfeasance activities, and the U.S. legislative response. The paper also theorizes that not only is corporate accounting malfeasance is here to stay, but malfeasance is an inherent part of the U.S. and global financial system, regardless of the policies implemented by the Securities and Exchange Commission (SEC), other regulatory bodies, or leading institutions of the accounting profession. The paper suggests that certain aspects of the Sarbanes-Oxley Act have been effective in helping companies to detect fraud more easily, and corporations have added internal controls and provided restatements of financial statements to demonstrate their commitment to compliance. Future commitment to internal controls for corporations and auditors is necessary to ensure transparency in financial statements.

Download or read book Internal Control Financial Reporting and Firm Performance written by Lokenathan Palanisamy and published by . This book was released on 2015 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation investigates the subject of mandatory internal control financial reporting enacted by Section 404(a) of the Sarbanes-Oxley Act of 2002 (SOX). The primary research hypothesis inquires about the effect of internal control financial reporting on public companies' firm performance or market value. The empirical results based on the SOX Section 404 internal control assessment reports dataset for the period 2004 to 2013 show that firms with effective internal controls have higher market value and inversely firms with ineffective internal controls have lower market value. In addition the average yearly audit and audit related cost per firm had decreased by about 47%; from a high of $2.7 million in 2004 to $1.6 million in 2012. Further the results indicate that a firm¿s choice of the independent Auditor, Market Exchange to trade in and Industry to operate in, significantly affects its effectiveness in SOX 404.

Download or read book The Disclosure of Material Weaknesses in Internal Control After the Sarbanes Oxley Act written by Weili Ge and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on a sample of 261 companies that have disclosed at least one material weakness in internal control in their SEC filings after the effective date of the Sarbanes-Oxley Act of 2002. Based on the descriptive material weakness disclosures provided by management, we find that poor internal control is usually related to an insufficient commitment of resources for accounting controls. Material weaknesses in internal control tend to be related to deficient revenue recognition policies, lack of segregation of duties, deficiencies in the period-end reporting process and accounting policies, and inappropriate account reconciliation. The most common account-specific material weaknesses occur in the current accrual accounts, such as the accounts receivable and inventory accounts. Material weakness disclosures by management also frequently describe internal control problems in complex accounts, such as the derivative and income tax accounts. In our statistical analysis, we find that disclosing a material weakness is positively associated with business complexity (e.g., multiple segments and foreign currency), negatively associated with firm size (e.g., market capitalization), and negatively associated with firm profitability (e.g., return on assets).

Download or read book Manager s Guide to the Sarbanes Oxley Act written by Scott Green and published by John Wiley & Sons. This book was released on 2004-02-19 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Need help ensuring your campany complys with Sarbanes-Oxley? Armed with this hands-on guide, you can detect early signs of fraud and operational loss, and safeguard your job, your employees' jobs, and the long-term success of your company. Don't let fraud derail your career. Protect yourself with the fail-safe Control Smart method found in Manager's Guide to the Sarbanes-Oxley Act. Order your copy today!

Download or read book Principles of Accounting Volume 1 Financial Accounting written by Mitchell Franklin and published by . This book was released on 2019-04-11 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: The text and images in this book are in grayscale. A hardback color version is available. Search for ISBN 9781680922929. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the "why" as well as the "how" aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.