Study Of The Sarbanes Oxley Act Of 2002 Section 404 PDF Download
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Author | : Barry Leonard |
Publisher | : DIANE Publishing |
Total Pages | : 139 |
Release | : 2011-05 |
Genre | : Business & Economics |
ISBN | : 1437924549 |
Download Study of the Sarbanes-Oxley Act of 2002 Section 404 Book in PDF, ePub and Kindle
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.
Author | : Office of Economic Analysis |
Publisher | : |
Total Pages | : 140 |
Release | : 2009-09-01 |
Genre | : |
ISBN | : 9781466299924 |
Download Study of the Sarbanes-Oxley Act of 2002 Section 404 Book in PDF, ePub and Kindle
The Public Company Accounting Reform and Investor Protection Act, otherwise known as the Sarbanes-Oxley Act (the "Act"), was enacted in July 2002 after a series of high-profile corporate scandals involving companies such as Enron and Worldcom. Section 404(a) of the Act requires management to assess and report on the effectiveness of internal control over financial reporting ("ICFR"). Section 404(b) requires that an independent auditor attest to management's assessment of the effectiveness of those internal controls. Because the cost of complying with the requirements of Section 404 of the Act ("Section 404") has been generally viewed as being unexpectedly high,1 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 companies collected from an SEC-sponsored Web survey of financial executives of companies with Section 404 experience conducted during December 2008 and January 2009. The analysis of the survey data is designed to inform the Commission and other interested parties as to whether changes occurring since 2007 are having the intended effect of facilitating more cost-effective internal controls evaluations and audits, especially as they may apply to smaller reporting companies. The findings of the analysis relating to efficiency include evidence on the total and component compliance costs, the changes in costs over time, and the factors that help to explain why costs are lower or higher for some companies than for others. These findings include evidence of direct and indirect effects that management ascribes to Section 404 compliance, including evidence on intended benefits. The 2007 reforms that are the focus of this inquiry include the SEC's June 2007 Management Guidance and its order approving the Public Company Accounting Oversight Board's (PCAOB) Accounting Standard No. 5 (AS5) (collectively referred to as the "2007 reforms"). We are primarily interested in whether and how companies' experience with Section 404(b) compliance changed following the reforms, yet this report also presents evidence on the implementation of both Section 404(a) and Section 404(b). This reflects the interrelationship between the two requirements.
Author | : Stephen M. Bainbridge |
Publisher | : |
Total Pages | : 0 |
Release | : 2022 |
Genre | : |
ISBN | : |
Download Sarbanes-Oxley § 404 at Twenty Book in PDF, ePub and Kindle
Section 404 of the Sarbanes-Oxley Act of 2002 (SOX) was intended to improve public company internal controls over financial reporting (ICFR). Faulty internal controls were believed to have contributed to many corporate scandals during the dot-com era. Empirical research of the pre-SOX era suggested that reporting companies with poor internal controls tended to have more frequent earnings restatements, more SEC enforcement proceedings, and poorer performance than comparable firms with strong internal controls. When SOX was adopted § 404 was not among the most controversial provisions. Instead, it was the attorney conduct rules, CEO and CFO certification requirements, and the ban on loans to officers and directors--plus the larger question of federalizing corporate governance--that generated most of the early criticism aimed at the statute. Once companies began implementing § 404's mandate for assessments of their internal controls over financial reporting, however, it became apparent that compliance costs were considerably greater than anticipated. In short order, § 404 became--and remains--SOX's most controversial provision. SOX's twentieth anniversary seems an opportune time to reassess the controversy over § 404. There is a considerable body of empirical evidence on the costs and benefits of § 404, which this article reviews. As it turns out, however, there are so many potential confounding factors that all of the evidence must be viewed with a degree of skepticism. Nonetheless, a few conclusions can be drawn. With the benefit of hindsight, it seems clear that Congress in 2002 had no idea what it would cost companies to comply § 404. The SEC had an estimate of what § 404(a) compliance would cost but had no idea what § 404(b) compliance would cost. Sticker shock seems the right description of the reaction once those costs became clear. Section 404 compliance costs were substantial from the outset. Those costs were disproportionately borne by smaller firms from the outset. Section 404 compliance costs remain high and show no signs of dropping over time. It remains the case that those costs are disproportionately borne by smaller firms. As far as achieving its main goal of reducing material weaknesses in ICFR, § 404 cannot be deemed a success. Both adverse managerial reports and auditor attestations actually rose prior to 2014 and have dropped only slightly in the subsequent period. Problems with firms failing to remediate persistent material weaknesses remain a source of concern.
Author | : Michael V. Seitzinger |
Publisher | : |
Total Pages | : |
Release | : 2010 |
Genre | : |
ISBN | : |
Download Section 404 of the Sarbanes-Oxley Act of 2002 (Management Assessment of Internal Controls) Book in PDF, ePub and Kindle
This report discusses Section 404 of the Sarbanes-Oxley Act of 2002, which requires the Securities and Exchange Commission (SEC) to issue rules requiring annual reports filed by reporting issuers to state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting and for each accounting firm auditing the issuer's annual report to attest to the assessment made of the internal accounting procedures made by the issuer's management.
Author | : Michael J. Ramos |
Publisher | : John Wiley & Sons |
Total Pages | : 282 |
Release | : 2008-06-02 |
Genre | : Business & Economics |
ISBN | : 0470259221 |
Download How to Comply with Sarbanes-Oxley Section 404 Book in PDF, ePub and Kindle
Now fully revised and updated, the Third Edition of How to Comply with Sarbanes-Oxley Section 404: Assessing the Effectiveness of Internal Control is the perfect starting point for companies with no previous SOX experience. Packed with practice aids including forms, checklists, illustrations, diagrams, and tables, the new edition leads auditing professionals through every step of the audit processes associated with Section 404 compliance.
Author | : |
Publisher | : |
Total Pages | : |
Release | : 2007 |
Genre | : |
ISBN | : |
Download Section 404 of the Sarbanes-Oxley Act of 2002 (Management Assessment of Internal Controls) Book in PDF, ePub and Kindle
Author | : Norman Marks |
Publisher | : |
Total Pages | : |
Release | : 2017-09-28 |
Genre | : |
ISBN | : 9781634540070 |
Download Management's Guide to Sarbanes-Oxley Section 404 Book in PDF, ePub and Kindle
Author | : Andreas Bauer |
Publisher | : GRIN Verlag |
Total Pages | : 11 |
Release | : 2008-07-21 |
Genre | : Business & Economics |
ISBN | : 3640106318 |
Download The Sarbanes- Oxley Act - A brief introduction Book in PDF, ePub and Kindle
Research Paper (undergraduate) from the year 2007 in the subject Business economics - Law, grade: 1,3, IPAG Ecole Supérieure de Commerce Nice, course: Financial Management, language: English, abstract: This paper provides a brief but complete introduction of the Sarbanes- Oxley Act (SOX). After providing the aims that were pursed by the United States legislation by introducing this act, the paper gives an overview of the provisions of the Sarbanes- Oxley Act. This overview deals with every single provision and describes the inherent measures. Ultimately the last section of this paper delivers an overview of the criticism raised by different scholars and experts concerning the Sarbanes- Oxley Act.
Author | : Susan M. Gates |
Publisher | : Rand Corporation |
Total Pages | : 369 |
Release | : 2007-11-21 |
Genre | : Law |
ISBN | : 0833043951 |
Download In the Name of Entrepreneurship? Book in PDF, ePub and Kindle
What are the differential effects of regulation and policy on small businesses? What is the impact of special regulatory treatment for small businesses? This book sheds light on these issues through analysis of the regulatory and public policy environment with regard to small businesses, including focused studies in four key areas: health insurance, workplace safety, corporate governance, and business organization.
Author | : Jennifer Varner |
Publisher | : |
Total Pages | : 54 |
Release | : 2005 |
Genre | : Business enterprises |
ISBN | : |
Download "Section 404 of the Sarbanes-Oxley Act of 2002 Book in PDF, ePub and Kindle