{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

sarbanes-oxley act 2002

sarbanes-oxley act 2002 - H.R.3763 Title:...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
H.R.3763   Title:  To protect investors by improving the accuracy and reliability of corporate  disclosures made pursuant to the securities laws, and for other purposes.  Sponsor:  Rep Oxley, Michael G.  [OH-4] (introduced 2/14/2002)       Cosponsors   (30)  Related Bills:   H.RES.395 H.R.5070 H.R.5118 S.2673   Latest Major Action:  Became Public Law No: 107-204 [GPO:  Text PDF House Reports:  107-414 Latest Conference Report:  107-610   SUMMARY AS OF:   7/24/2002--Conference report filed in House.    (There are 4  other summaries Sarbanes-Oxley Act of 2002 -  Title I: Public Company Accounting Oversight  Board  - Establishes the Public Company Accounting Oversight Board (Board) to:  (1) oversee the audit of public companies that are subject to the securities laws; (2)  establish audit report standards and rules; and (3) inspect, investigate, and enforce  compliance on the part of registered public accounting firms, their associated  persons, and certified public accountants.  (Sec. 101) Prohibits Board membership from including more than two certified  public accountants.  (Sec. 102) Requires a public accounting firm that performs or participates in any  audit report with respect to any issuer to register with the Board.  (Sec. 103) Directs the Board to establish (or modify) the auditing and related  attestation standards, quality control, and the ethics standards used by registered  public accounting firms to prepare and issue audit reports.  Requires auditing standards to include: (1) a seven-year retention period for audit  work papers; (2) concurring or second partner review and approval by a Board- prescribed qualified person; (3) an evaluation of whether internal control structure  and procedures include records that accurately reflect transactions and dispositions  of assets; (4) assurance that transactions are recorded to permit preparation of  financial statements in accordance with generally accepted accounting principles  (GAAP), and that receipts and expenditures are made only with authorization of  senior management and directors; and (5) a description of both material  weaknesses in internal controls and of material noncompliance. 
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
(Sec. 104) Mandates that a program of continuing inspections to ensure compliance  is conducted: (1) annually for firms that regularly provide audit reports for more than  100 issuers; and (2) at least every three years for firms that regularly provide audit  reports for 100 or fewer issuers.  (Sec. 105) Empowers the Board to impose disciplinary or remedial sanctions upon  registered public accounting firms, associated persons, and accountants. 
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern