The Sarbanes-Oxley Act

Paper Summary:

This paper explores the variety of reasons why Sarbanes-Oxley will fall short in meeting many of its objectives for making companies more accountable.

From the Paper:

"The future of the accounting profession will be very different under the Sarbanes-Oxley Act (How the Sarbanes-Oxley Act of 2002 impacts the accounting profession 2002). First, auditors will report to an audit committee, not management. This committee must pre-approve all services provided by its auditor. The auditor will need to keep the audit committee informed if 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."

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