Sarbanes-Oxley and the Auditing Profession Analytical Essay by Nicky
Sarbanes-Oxley and the Auditing Profession
An assessment of the impact of the Sarbanes-Oxley Act on the auditing profession.
# 146411
| 1,888 words
| 5 sources
| MLA
| 2010
| 
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Description:
The paper discusses the need for internal system and process collaboration for Sarbanes-Oxley (SOX) compliance and then analyzes the various sections of the Act and their impact on the audit profession. The paper shows how accounting and auditing will continue to be significantly influenced by SOX for the foreseeable future as the need for compliance grows.
Outline:
Introduction
Internal System and Process Collaboration Is Critical For SOX Compliance
Analyzing SOX by Section to Assess the Impact on Auditors
SOXs' Impact on the Audit Profession
Conclusion
Outline:
Introduction
Internal System and Process Collaboration Is Critical For SOX Compliance
Analyzing SOX by Section to Assess the Impact on Auditors
SOXs' Impact on the Audit Profession
Conclusion
From the Paper:
"Despite the significant growth of Governance, Risk and Compliance (GRC) as a framework for ensuring corporate-wide compliance to government-based reporting and auditing, there still exists significant variation between actual auditing practices and performance to standards (Jelinek, Jelinek, 223). The lack of internal controls over the auditing process have also created significantly more work for companies to ensure they adhere to the Sarbanes-Oxley Act (SOX) requirements as well (Shelton, Whittington, 145). This has translated into significantly more work for auditors from a process, system and personnel perspective. This has also forced an accelerated implementation schedule for auditors to adopt a myriad of new report requirements. For smaller firms, the lack of internal controls on audit performance has been particularly costly both in terms of auditing fees and time lost in gaining insights into how to be in compliance to the SOX standards as many of them do not have the accounting staff to specifically deal with these challenges (Swartz, 14)."Sample of Sources Used:
- Ronald Jelinek, Kate Jelinek. "Auditors gone wild: The "other" problem in public accounting " Business Horizons 51.3 (2008): 223. ABI/INFORM Global. ProQuest. 14 Mar. 2009
- Jeffrey E Michelman, Bobby E Waldrup. "Improving Internal Control Over Financial Reporting" The CPA Journal 78.4 (2008): 30-34. ABI/INFORM Global. ProQuest. 13 Mar. 2009
- Robin R Radtke. . "Role Morality in the Accounting Profession - How do we Compare to Physicians and Attorneys? " Journal of Business Ethics 79.3 (2008): 279-297. ABI/INFORM Global. ProQuest. 13 Mar. 2009
- Sandra Waller Shelton, O. Ray Whittington. "The influence of the auditor's report on investors' evaluations after the Sarbanes-Oxley Act. " Managerial Auditing Journal 23.2 (2008): 142-160. ABI/INFORM Global. ProQuest 13 Mar. 2009
- Nikki Swartz. . "SOX Costs Sock Small Firms. " Information Management Journal 42.2 (2008): 14. ABI/INFORM Global. ProQuest. . 13 Mar. 2009
Cite this Analytical Essay:
APA Format
Sarbanes-Oxley and the Auditing Profession (2010, December 26)
Retrieved May 27, 2023, from https://www.academon.com/analytical-essay/sarbanes-oxley-and-the-auditing-profession-146411/
MLA Format
"Sarbanes-Oxley and the Auditing Profession" 26 December 2010.
Web. 27 May. 2023. <https://www.academon.com/analytical-essay/sarbanes-oxley-and-the-auditing-profession-146411/>