This website uses cookies to ensure you have the best experience. Learn more

Acc 557 Week 2 Discussion 1

518 words - 3 pages

From the e-Activity, recommend how the SOX framework can ensure reliable and complete financial information and how accounting professionals have benefited from its use. Provide support for your response.

The Sarbanes-Oxley Act itself is organized into eleven sections, but sections 302, 404, 401, 409, 802 and 906 are the most important in terms of compliance. Section 404 seems to cause the most difficulties for compliance. More specifically, Sarbanes-Oxley established new accountability standards for corporate boards and auditors, established a Public Company Accounting Oversight Board (PCAOB) under the Security and Exchange Commission (SEC), and specified civil and criminal penalties for noncompliance.

All applicable companies must establish a financial accounting framework that can generate financial reports that are ...view middle of the document...

Evaluate how the SOX has reinforced investors’ and creditors’ confidence in companies and how these individuals can take steps to verify the accuracy of the financial statements of potential investments or loans. Provide support for your rationale.

The SOX has reinforced investors and creditors confidence in many ways.
Audit quality has been improved by stronger alignment of independent auditors, independent audit committees, independent audit oversight authorities, and public company shareholders. In a 2008 audit committee survey reported by the Center for Audit quality, 90 percent of audit committee members surveyed said that "they work more closely with the independent auditor" post-SOX.
Audit quality has improved because of PCAOB inspections and standard setting. As of December 31, 2011, over 2,000 audit firms from more than 80 countries were registered with the PCAOB. In 2011, the organization conducted inspections of 213 registered audit firms, and initiated an interim inspection program for broker-dealers.
More audit committees have financial experts. In 2003, only a small number of audit committee members were financial experts. Today, almost half of all audit committee members are identified through proxy statement disclosure as meeting the definition of a financial expert.
Companies that comply with all of the internal control provisions in SOX are less likely to issue financial restatements. A November 2009 study published by Audit Analytics found the rate of financial restatements was 46 percent higher for companies that did not comply with all of the SOX internal control provisions.
Corporate governance is stronger. Prior to SOX, the process for the selection and assessment of the independent auditor typically was controlled by management. Audit committees now play an essential role in corporate governance framework by overseeing the quality and integrity of company financial statements

Other Essays Like Acc 557 Week 2 Discussion 1

Acc 400 Week 1 Textbook Essay

1073 words - 5 pages Week 1 Assignment from the textbook Nancy Schwartz ACC/400 January 25, 2016 Lee Kroll BE16.9 Star Repairs Co. does all the repair work for a medium-sized manufacturer of handheld computer games. The games are sent directly to Star, and after the games are repaired, Star bills the gam manufacturer for cost plus a 20 percent markup. In the month of February, purchases of parts (replacement parts) by Star amounted to $97,000, the

Discussion Question Week 1 Essay

529 words - 3 pages Week 1 Discussion Questons What’s Bothering Trevor Cost is something that everyone dislikes when it comes to seeing a doctor. I know from experience what it's like not to have health insurance. I thought I would be able to get Obama Healthcare however I was told I don't make enough hours so I have no insurance. If I was in Trevor shoes I would have chose option 1 to pay $150 to see my PCP. Trevor might not have the money at the time of his

ACC 291 Week 5 Final Exam 1

1296 words - 6 pages Product Description ACC 291 Sample Final Exam Question 207 On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-decl ACC 291 Week 5 Final Exam 1 ining-balance method of depreciation? IFRS Multiple Choice Question 01 As a recent graduate of State University you're aware that IFRS requires component

Acct 557 Week 2 Quiz

531 words - 3 pages , Year 1, balance sheet, how should Noor report the deferred tax effect of this difference? (Points : 8) |        As an asset of $75,000.        As an asset of $100,000.        As a liability of $75,000. -----> As a liability of $100,000. Answer $250,000 x .40%= $100,000 tax liability | Question 2. 2. (TCO B) Thorn Co. applies Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes.  At the end of Year 1, the

Acc 400- Week 2: E-Text Individual Assignments

584 words - 3 pages Week 2: E-text Individual Assignments ACC/400 Week 2: E-text Individual Assignments Financial Accounting: Tools for Business Decision Making, 4th edition Chapter 8: Question 3 3. What are the essential features of the allowance method of accounting for bad debts? According to Kimmel, Weygandt, & Kieso (2007), the allowance method of accounting has three essential features: 1. Estimated uncollectible accounts receivable

Bus 518 Uop Course Homework Aid Week 1 Discussion 1

1531 words - 7 pages Discussion 2 Leadership Styles. Please respond to the following: The five types of leadership styles are most applicable in certain situations. Discuss the applicability of each of the five types in project leadership situations and its usefulness in that particular situation. BUS 518 Week 2 Discussion 1 Crisis Leadership. Please respond to the following: How is crisis leadership different from leading under normal circumstances? If

Acc-290 Week 1

989 words - 4 pages Through the years the business world has use accounting and financial statements as a mean for communicating the numbers. Basically as a business person you need to know how to read financial statements in order to understand your business. There are four basic financial statements that are normally prepared by profit-making organizations to be used by financial corporations, banks, stockholders and other external decision makers. The first

Busi 604 Discussion Question Week 2 ( Part Ii)

923 words - 4 pages Whitney Jackson BUSI 604-International Business Discussion Board 2: Ethnocentric KEY TERM and WHY YOU ARE INTERESTED IN IT I will be discussing the term ethnocentric for discussion board two. I work for Huntington- Ingalls Industries, which is a company that designs, builds, and maintains ships for the United States Navy and Coast Guard. This type of government oriented company encourages an ethnocentric culture among its employees

Acc 561 Week 1 Paper

1144 words - 5 pages Company Selection I have selected Apple as the company that I will be following financially for the duration of Accounting 561. Not only am I a passionate Apple user, I also believe in how the company develops, creates, and markets their product lines for consumer use. They have created products that are so complex at their core with an extremely simple user experience, which has been nothing short of remarkable to watch from the time I was a

Assignment 1 Week 2

1459 words - 6 pages April 18, 2016. Halaweh, M., & Ahmed, E. (2015). Journal of International Technology and Information Management, 24(2), 21-34. Hsinchun, C., Chiang, R. H., & Storey, V. C. (Dec. 2012). MIS Quarterly, 36(4), 1165-1188. Retrieved April 18, 2016.

Week 2 Team Marketing Plan 1

1748 words - 7 pages Learning Team B: Marketing Plan I Nikki Cox, Samantha Di’Giovanna, Michelle Fairall, & Annet Feola Mkt/421 April 8, 2013 Beth Carls An overview of the existing organization Apple Incorporated, formerly Apple Computer, Inc., is an American multinational corporation headquartered in Cupertino, California. Apple was founded on April 1, 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne. In January 9, 2007, the word “computer” was

Related Papers

Acc 557 Midterm Exam Part 1 Assignment

1287 words - 6 pages • $145,000 = $85,000 + $60,000 About Author: This article covers the topic for the Strayed University ACC 557 Midterm Exam Part 1 . The author is working in the field of education from last 5 years. This article covers the questions & answers of ACC 557 . Other topics in the class are as follows: ACC 557 Week 1 DQ 1 ACC 557 Week 1 Homework ACC 557 Week 1 Complete ACC 557 Midterm Exam Part 1 ACC 557 Midterm Exam Part 2 Want to check other classes..?? Visit

Acc 557 Week 2 Quiz Essay

871 words - 4 pages difference is expected to reverse should be used. Points Received: 8 of 8 Comments: Question 2. Question : (TCO B) Mobe Co. reported the following operating income (loss) for its first three years of operations: Year 1 $ 300,000 Year 2 (700,000) Year 3 1,200,000 For each year, there were no deferred income taxes (before Year 1), and Mobe's effective income tax rate was 30%. In its

Acc/225 Week 2 Assignment

840 words - 4 pages Week 2 “Preparing Journal Entries & Trial Balances” ACC225 Exercise 2-4 Date Account Title PR Debit Credit Aug 1 Cash 101 $7,500 Photography Equipment 165 $35,500 H. Paris, Capital 301 $43,000 Insurance 114 $3,000 Aug 5 Office Supplies 240 $1,400 Aug 20 Photography Fees Earned 623 $2,650 Aug 31 Utilities 275 $875 Exercise 2-5 Debit Credit Cash $7,500

Week 2 Discussion Questoins Essay

850 words - 4 pages ). Security Awareness (Second Edition) (Part 1): Protecting Information and Counteracting Social Engineering[pic]. Retrieved from Discussion Question 2 • Note three specific social engineering techniques. Discuss how they can be recognized and how to best prepare employees for each potential attack. Three common social engineering techniques are