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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

How do the major provisions of the Sarbanes-Oxley Act affect a public company’s audit procedures?

Summary Introduction

To determine: The chief requirements of the Sarbanes-Oxley Act affect a public firm’s audit techniques.

Introduction: The Sarbanes-Oxley Act was passed in 2002 intended to enhance the nature of budgetary reporting by public organizations. It was composed because of the false revealing of companies such as EN Corp, WC, and a few different organizations.

Explanation

The chief requirements of the Sarbanes-Oxley Act affect a public firm’s audit techniques are as follows:

An organization’s auditors, chief executive officers, chief financial officers are presently considered essentially responsible for the exactness of the organization's financial statements. The auditors must preserve financial documents and audit work papers for five years and can even be detained for demolishing the documents...

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