Presentation Chapter 7

Presentation Chapter 7 - Regulatory Bodies, Standard...

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Regulatory Bodies, Standard Setters, and Best Practices Chapter VII
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Chapter Objectives: • Understand the roles and responsibilities of regulators and standard setters. • Provide an overview of fundamental provisions of SOX and their impacts. • Provide an overview of the evaluation of SOX (cost and benefits). • Understand why the SEC was established. • Provide an overview of the primary functions of the PCAOB. • Become familiar with the role of the FASB and its activities. • Provide an overview of the GASB. • Understand the challenges facing the IFAC. • Identify the primary responsibilities of the Committee of European Securities Regulators. • Understand the role and authority of the state attorney general. • Be aware of how state laws affect corporate governance. • Be aware of the role of courts in corporate governance. •Become familiar with corporate governance listing standards and best practices. Video ( VIDEO)
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Key Terms Accounting and Auditing Enforcement Releases (AAERS) Accounting Regulatory Committee (ARC) Administrative law judges American Bar Association (ABA) American Institute of Certified Public Accountants (AICPA) Anticontractarianists Blackout period California Public Employees’ Retirement System (CalPERS) Committee of European Securities Regulators (CESR) Contractarianists Council of Institutional Investors (CII) European Financial Reporting Advisory Group (EFRAG) Generally Accepted Accounting Principles (GAAP) Generally Accepted Accounting Standards (GAAS) Government Accounting Standards Board (GASB) International Accounting Standards Board (IASB) Investment Protection Principles (IPPs) Investor Task Force Office of Risk Assessment Self-Regulatory Organization (SRO) U.S. Sentencing Commission (USSC)
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Regulations Regulations are aimed at protecting the investors and creating an environment for organizations to conduct their affairs in the utmost ethical, legal, and competent manner. Regulations are typically enacted in response to specific crises and concerns or protection needed due to the failure of market based correction mechanisms. Adequate regulation creates a balance between reducing the likelihood of recurrence of the crisis and the imposed enforcement and compliance costs. Underregulation is when adequate rules are not in place to ensure long-term improvements and stability. http://www.pbs.org/newshour/bb/business/july-dec09/keynes_12-16.html ,VIdeo
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The Legal Environment Why Does Liability Arise? Responsibilities of Auditor § Responsibilities to Clients § Responsibilities to Third-Party Users Expectation Gap
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Generally Accepted Auditing Standards General Standards Field Work Standards Reporting Standards Accepting the audit engagement Planning the audit Performin g audit tests Reporting the findings Public Expectations Quality Control Standards Firm Regulation Government Regulation Professional Ethics Legal Liability P u b l i c C o m p a n y A t g O v e r s h B d
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This note was uploaded on 03/08/2012 for the course ACCT 7050 taught by Professor Razai during the Fall '11 term at U. Memphis.

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Presentation Chapter 7 - Regulatory Bodies, Standard...

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