L2 Notes_Part_22 - Enron audit failures> Sarbanes-Oxley...

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SEC Securities and Exchange Commission When and Why did the SEC come into existence? What was its charge and how does it affect auditing? SEC Act of 1933 “Truth in Securities Act” - new issues SEC Act of 1934 covers securities traded on an on-going basis; 98% of all security trades covered by 1934 Act Discuss 10-K, 10-Q, 20-F, 8-K, proxy statement, Regulation S-X, S forms S1-16 (1933 act) Accounting Series Releases ASR’s - Financial Series Releases FSRs - Accounting and Auditing Enforcement Releases Four divisions: - corporate finance - market regulation - investment management - enforcement
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Government Regulation
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PCAOB Public Company Accounting Oversight Board
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Unformatted text preview: Enron, audit failures -> Sarbanes-Oxley Act (SOX) 2002 Pre-SOX: Auditing Standards Board (ASB) -> SAS’s Post-SOX: PCAOB has authority for external auditing of public listed companies and set standards for auditing, ethics, independence, and quality control 103, 104: Public Accounting firms must be registered and inspected periodically 201: Prohibits provision of non-audit services by auditor 301: Audit committee is independent and engages and decides auditor’s compensation 302 and 404: CEO, CFO must sign for IC and auditor must also attest to the effectiveness of IC over financial reporting...
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  • Fall '08
  • U.S. Securities and Exchange Commission, SEC ACT, Auditing Enforcement Releases, SEC Securities, Series Releases ASR

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L2 Notes_Part_22 - Enron audit failures> Sarbanes-Oxley...

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