The Sarbanes-Oxley Act of 2002 closely examines auditor independence and corporate governance principles in the light of financial transactions in corporations. It seeks to enhance the role of the Securities and Exchange Commission SEC in the process. The Act also calls for new and enhanced penalties for defaulting on any...
On January 30, 2003, the Securities and Exchange Commission adopted Release No. 33-8183, entitled “Strengthening the Commission’s Requirements Regarding Auditor Independence.” The release sets forth amendments to the existing requirements regulating auditor independence as part of the implementation of Sections 208a and 802 of the Sarbanes-Oxley Act. This article explains...
The recent financial irregularities at such companies as Cendant Corporation, Oxford Health Plans, MicroStrategy, Waste Management, Sunbeam Corporation, Livent, and McKesson HBOC as a result of which well over $88 billion in market value was wiped out were so critical that the SEC began to wonder whether or not the...
The Securities and Exchange Commission ("SEC" or "Commission") is adopting amendments to its existing requirements regarding auditor independence to enhance the independence of accountants that audit and review financial statements and prepare attestation reports filed with the Commission. The final rules recognize the critical role played by audit committees in...
On January 28, 2003, the Securities and Exchange Commission (the “SEC,” or the “Commission”) issued final rules pursuant to Section 208a of the Sarbanes-Oxley Act of 2002 (the “Act”) designed to enhance auditor independence requirements. The article gives an overview of the newly adopted rules, prohibited non-audit services, permitted non-audit...
The Securities and Exchange Commission voted to adopt rules to fulfill the mandate of Title II of the Sarbanes-Oxley Act of 2002, strengthen auditor independence and require additional disclosures to investors about the services provided to issuers by the independent accountant. Also, Section 201 of the Sarbanes-Oxley Act lists...
The article is of The Securities and Exchange Commission that adopts rules to fulfill the mandate of Title II of the Sarbanes-Oxley Act of 2002, strengthen auditor independence and require additional disclosures to investors about the services provided to issuers by the independent accountant. It covers the measures introduced by...
The paper examines the purpose and scope of the Conceptual Framework for Auditor Independence developed by the Independence Standards Board ISB. The ISB predicated its framework on an approach that identified threats to auditor independence that could be mitigated by safeguards to reduce the independence risks associated with these threats....
The SEC disclosed numerous violations of auditor independence. Given the important role that auditors play in the financial reporting process, this discovery generated a great deal of attention in the financial media and spurred consideration for stricter independence rules that also dealt realistically with the organization of contemporary society. With...
Article talks about the final rules regarding auditor independence, adopted by Sarbanes-Oxley Act. The new rules impose more rigorous standards of independence for the external auditors for SEC reporting companies including foreign private issuers. In o
This document on GAGAS standard on Auditor Independence deals with a range of auditor independence issues and states that the most significant change relates to nonaudit, or consulting services. Also, it provides detailed information regarding the definitions, dates, affect on auditors, pertinent implementation matters, underlying concepts, overarching principles which govern...
The appearance of independence is an important facet of the regulation of auditor independence. The authors conducted a research study to gauge how some financial statement users—loan officers—view and make decisions based on loan proposals that present various types of relationships between the applicant, the auditor that performs the external...
The Securities and Exchange Commission SEC proposed amendments to its existing requirements regarding auditor independence in order to enhance the independence of accountants that audit and review financial statements and prepare attestation reports filed with the SEC. The paper discusses the rule proposed by the SEC, as directed by Section...
This article talks about the proposed rules dealing with auditor independence and retention of work papers as required by Section 201, 202, 203, 204, 206 and 802 of the Sarbanes-Oxley Act of 2002 which was published by SEC. This article contains the features like auditor independence and record retention in...
Auditor independence, or the perceived lack thereof, is a major focus of the Sarbanes-Oxley Act. Many have suggested that auditor independence has been impaired because outside auditors are hired and paid by the company. This act is a positive step and should improve auditor independence as long as audit committees...
The SEC's final version of its new rule on auditor independence wasn't as harsh as the proposal would have suggested. That gives audit firms, especially the Big Five, a little more breathing room. The Securities and Exchange Commission's SEC commitment to auditor independence is not new, proposal made independence...
Auditor independence continues to be an important topic. Objectivity or “independence of mind” is essential for the exercise of professional judgement. It is a state of mind which only has regard to considerations relevant to the task in hand and ignores other factors. The objective of this section is to...
This article, basically a report that unearths Business Finance readers' concerns about hiring their audit firm to perform various consulting services. Here's how the SEC's new disclosure rules could impact the auditor/client relationship and finance executives' jobs. Tying audit failures to auditor independence is not reality, and there is no...
FRISCO, Texas -- The following results are provided by Privileged Access, LP for the quarters and six months ended June 26, 2008 and June 28, 2007 at the request of its landlord, Equity LifeStyle Properties. Privileged Access, LP prepared this Condensed Statement of Operations, Operational Statistics, Select Balance Sheet Data,...
Four Proposals Presented and Approved by Shareholders DALLAS, July 14 /PRNewswire-FirstCall/ -- Arabian American Development Co. announced today that all proposals presented at its annual shareholders' meeting held on July 10, 2008 were approved by the Company's shareholders. The four matters presented and approved by shareholders...
Articles 2008-07-14
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