歌歌
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2005-10-21 20:50:00
我没有audit经验，很多有关audit的job postings都要求懂Sarbanes-Oxley，请教MM，这是什么dd?可否大致介绍一下？
另外，你觉得auditing还是accounting更有前景？
谢谢啦！
对。。。主要是对上市的公司的要求，而且目前为止也只是一些大公司， 其他上市公司明年开始实施。。。
哦，真的吗？为什么一些非上市的大公司也要求accountant有exposure to 这个dd? 我学accounting的时候还没有，感觉现在很普遍，所以以为凡internal control或auditing都需要follow。不是这样吗？
这个是趋势了，而且如果公司有想上市的话就要开始准备了。。。
所以Sarbanes-Oxley作为research resources，应该是个应用工具，而不是一项技能吧？想自我安慰一下
这个是从去年才开始对一些上市公司开始要求的。。。我们公司也是去年开始集中training具体审计的步骤，之前就只是学习书面的要求的。。。
好，知道这一点心中也有数了。
歌歌给你些sox资料. 希望没有班门弄斧. 是我上学时写的PAPER. 下面还有更多,感兴趣的话跟我说.
对不住大家了.不感兴趣的直接忽略.
On July 30, 2002, President Bush signed into law the Sarbanes-Oxley Act of 2002 to restore integrity and public confidence in corporate governance, financial statements and stock valuation. SEC chairman William Donaldson hailed Sarbanes-Oxley (SOX) as the most significant piece of federal securities legislation since the securities laws were first enacted in the 1930s.
Why we need Sarbanes-Oxley?
The scandals involving Enron and its audit firm Anderson and the following wave that included WroldCom and Adelphia prompted congress to pass Sarbanes-Oxley. Why we had these bad apples? I think we should firstly understand the problems below we have:
? The pressure of a market in which the difference of a penny or two in earnings per share could lead to the difference of a billion or two in market capital.
? Some auditors fail to step up to their own responsibility.
? The financial reporting model itself has problem: The proper treatment of many issues is not clear, such as off-balance-sheet activity. GAAP model has too many rules that leave too little room for principle-based judgment.
? The inherent weaknesses in disciplinary and monitoring processes for the profession.
? The threat--real or perceived--of auditor dependency on fees from major clients.
Under these situations, we need SOX to help investors make informed investment decisions, and we need it to enhance audit quality and the quality of financial reporting. It will be good for America¡¯s financial reporting system, the accounting profession and American¡¯s financial markets and economic growth.
The Aim of The Sarbanes-Oxley
The Act is a vast patchwork quilt of reform that aim at (1) creating an independent regulatory structure for the accounting industry, (2) higher standards for corporate governance, (3) increased independence of securities analysts, (4) improved transparency of financial reporting and (5) a panoply of new civil and criminal remedies for violations of the federal securities laws.
Impacts of the Sarbanes-Oxley
The SOX- which applies in general to publicly held companies and their audit firm - dramatically affects the accounting profession and impacts not just the largest accounting firms, but any CPA actively working as an auditors of, of for, a publicly traded company.
It also means big changes to the public companies and CEOs and CFOs of the companies.
Impacts to Accounting Professions
New roles for audit committees and auditors. The relationship between accounting firms and their publicly held audit clients is different under the new law. The Basic implications are outlines below.
1. Auditors report to audit committee. Now, auditors will report to and be overseen by a company¡¯s audit committee, not management.
2. Audit committees must approve all services. Audit committees must pre-approve all services, both audit and non-audit services not specifically prohibited, provided by its auditor.
3. Auditor must report new information to audit Committee. This information includes: critical accounting policies and practices to be used, alternative treatments of financial information within GAAP that have been discussed with management, accounting disagreements between the auditor and management, and other relevant communications between the auditor and management.
4. Offering Specified Non-Audit Services Prohibited. The new law statutorily prohibits auditors from offering certain non-audit services to audit clients. These services include: bookkeeping, information systems design and implementation, appraisals or valuation services, actuarial services, internal audits, management and human resources services, broker/dealer and investment banking services, legal or expert services unrelated to audit services and other services the board determines by rule to be impermissible. Other non-audit services not banned are allowed if pre-approved by the audit committee.
5. Audit Partner Rotation. The lead audit partner and audit review partner must be rotated every five years on public company engagements.
6. Employment Implications. An accounting firm will not be able to provide audit services to a public company if one of that company's top officials (CEO, Controller, CFO, Chief Accounting Officer, etc.) was employed by the firm and worked on the company's audit during the previous year.
Yap mm的paper写得真好，正是我所需要了解的general information，节省了不少research的时间，如果可以的话，我当然希望读到更多你的paper。非常感谢！
另外，你是否在做auditing或internal control的工作，有没有接触过SOX的software?
到底了
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