The Sarbanes-Oxley Act

Paper Summary:

The paper states that the Sarbanes-Oxley Act on corporation's audit committees has become more structured. The paper discusses that the audit committees should be composed of individuals who are not compensated for their service on this committee or involved in any other conflict of interest with any entity doing business with the organization, since most nonprofit organizations have volunteer board members. This paper demonstrates the many changes that an audit committee will experience through the Sarbanes Oxley Act in order to be successful.

Outline:
Executive Summary
Introduction
Discussion
Conclusion

From the Paper:

"From there, the board and senior management team have been trying to relocate the company into a better position so that the future of the company will be secured. This promising future will be able to support jobs that are available at the present time and create others. "The audit committee, primarily composed of members of the board of directors, plays a critical role in providing oversight over and serving as a check and balance on a company's financial reporting system. The audit committee provides independent review and oversight of a company's financial reporting processes, internal controls and independent auditors. It also acts as a forum separate from management in which auditors and other interested parties can candidly discuss concerns" (Sarbanes-Oxley Act: Audit committee effectiveness = good company management). Along with that, the union has bees trying to characterize the employees in a losing situation due to the fact that it has not a part of the decisions of the senior management team. In the past, they have given up certain benefits to create an atmosphere of give and take; however they have been feeling that they have been taken advantage of by not being included in the current company decisions."

Sample of Sources Used:

• The Sarbanes-Oxley Act and Implications for Nonprofit Organizations. Retrieved March 31, 2008, from http://www.independentsector.org/PDFs/sarbanesoxley.pdf
• Sarbanes-Oxley Act: Audit committee effectiveness = good company management. Retrieved March 31, 2008, from http://www.detroitchamber.com/detroiter/articles.asp?cid=7&detcid=297
• The Emerging Company and the SEC. retrieved March 31, 2008, from http://www.businessforum.com/SEC01.html
• The Sarbanes-Oxley Act and Implications for Nonprofit Organizations. Retrieved March 31, 2008, from http://www.guidestar.org/DisplayArticle.do?articleId=883
• Bolotnick, Tracey. Sarbanes-Oxley and Nonprofit Organizations. Retrieved March 31, 2008, from http://www.hurwitassociates.com/l_sarbanes_oxley.html

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