Reviewing The Sec 's Review Process Essay

plagiarism, there shouldn’t be any plagiarism present. My tip along with other student’s tips here

2) Define what you believe the SEC meant by “Sullivan’s Audit Failures”. Do you believe Sullivan, alone, was responsible for the deficiencies that the SEC noted in the 1997 audit of Golden Bear?

There are a number of different reporting requirements that are needed to comply with the SEC. These include the provision of financial statements on a quarterly basis (10-Q) along with an annual report (10-K). These statements must adhere to a specific format that governs how financial statements are prepared, and how the information is presented. There are many sections to these forms that must be included. Moreover, the information must be accurate, and prepared to guidelines laid out in the Generally Accepted

4) Answer the questions which follow. Ensure that each response is in paragraph form. Each paragraph should be a minimum of 150 words in length, and must supported by direct and/or indirect quotations. Pay particular attention to grammar, spelling, and sentence structure, as well as to the proper documentation of quotations.

Directions: Answer the following questions in complete sentences, citing quotes as needed. Do not just “divide and conquer” these questions separately. Work together to discuss your ideas, formulate an answer, then look for quotes to support your claims.

Use the notes you have taken from your selected resource to write a paragraph of at least six sentences that answers your research question. Make sure you are following the guidelines for ethical writing and giving

The purpose of this paper is to discuss the SEC’s influence on auditing a private company and the essential activities involved in the initial planning of an audit. Next the discussion will delve into four stages of the audit and tasks performed by the auditors as well as internal control findings and various aspects of the audit.

g. Explanation of the central points from the article(s): Avoid just using a quote from a source. Explain what you think the author means.

Borrowed material should NOT dominate a student’s work, but should only be used sparingly to support your own thoughts, ideas, and examples.  Heavy usage of borrowed material (even if properly cited) can jeopardize the points for that question.  Un-cited material can jeopardize a passing grade on the exam. As a part of our commitment to academic integrity, your work may be submitted to turnitin.com, an online plagiarism checking service. So please be VERY mindful of proper citation.

Public companies issuing securities, public accounting firms, and firms providing auditing services whether they are domestic or foreign must comply with Sarbanes-Oxley. (Sarbanes-Oxley Act Section 404, 2002) Additionally, publicly traded companies with a market capitalization greater than $75 million must comply with these new rules. (Don E. Garner, 2008) A company’s management is required to provide an external auditor with all financial statements for the current review period. Upon reviewing these statements the auditor issues a report classified as unqualified, unqualified with explanation, qualified, adverse, or disclaimer based on what they find or do not find. All public companies reports are available on the Securities Exchange Committees website, below is a sample of what this report looks like. You can imagine what a relief this was for investors, to be able to search any company and find statements solidifying their prospective investment.

I confirm that I have read the University regulations on plagiarism, and that this assignment is my own work.

The Sarbanes-Oxley Act (SOX) was enacted in July 30, 2002, by Congress to protect shareholders and the general public from fraudulent corporate practices and accounting errors and to maintain auditor independence.   In protecting the shareholders and the general public the SOX Act is intended to improve the transparency of the financial reporting.   Financial reports are to be certified by the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) creating increased responsibility and independence with auditing by independent audit firms. In discussing the SOX Act, we will focus on how this act affects the CEOs; CFOs; outside independent audit firms; the advantages and a

The final responsibility for the integrity of an SEC registrant’s internal controls lies on the management team. U.S. companies need to refer to a comprehensive framework of internal control when assessing the quality of financial reporting to determine that financial statements are being presented under General Accepted Accounting Principles, GAAP. The widely used framework is referred as COSO, Committee of Sponsoring Organizations of the Treadway Commission, sponsored by the following organizations American Accounting Association, the American Institute of CPA’s, Financial Executives International, the Institute of Internal Auditors, and the Institute of Management Accountants. COSO’s defines internal control as:

Senators Tammy Baldwin (D-WI) and Jeff Merkley (D-OR) introduced Bill S.2720 on March 17, 2016, which if enacted and implemented into law would be called the Brokaw Act. Currently, the Securities and Exchange Commission (SEC) requires beneficial owners to file for ownership and disclose their ownership interests if he/she owns more than 5% of a registered class of security equity within 10 days. However, the Brokaw Act would reduce this disclosure period from 10 to 2 business days and require short interests disclosures pertaining to the security. Further, the Act would amend the SEC’s current definition of beneficial ownership from just ownership over securities with voting rights to an individual who has monetary or indirect monetary interest in the equity. The Act also broadens the definition of security ownership from an individual owner to include individuals acting as managers of transactions of the security, who have influence over management and who assist the individual ‘beneficial owner’. Finally, the proposed act has received strong opposition from Activist Investors while Issuers, Shareholders, Pro-Business Conservatives and Corporate Board Members equally propose it.

Thousands of corporations in the US are publicly held and have their stock traded daily on various stock markets. These public companies sell ownership shares and are therefore required to send in a schedule 10-K to the US Securities and Exchange Commission each year. This schedule provides potential investors as well as governmental regulators with an overview of the company’s financial information for the previous year. Public companies must also be audited annually to ensure that the information being presented to the public is accurate. Conversely, privately held companies are just that, privately held.