20 Questions Auditors should ask about Sarbanes Oxley

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Title: 20 Questions Auditors should ask about Sarbanes Oxley
 
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Subject: Business
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Date: September 3, 1997
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From an auditor's perspective, this also helps establish whether reliance on management is warranted, and if such an audit engagement should be accepted in the interest of the accounting firm. What should be considered? In assessing an organization's corporate governance, auditors should consider: ? Whether the organization is in compliance with the Act (particularly section 302 and 404) at an appropriate level determined based on the size, resources, and nature of the organization ? The decisions of management (with respect to the preparation, processing, availability, and storage of financially related data and mechanisms) and whether their choices reflect good governance procedures ? Whether corporate accountability and responsibilities are effectively communicated throughout all levels of the organization to ensure that established practices (such as, code of ethics) and procedures are carried out ? If their standards of corporate accountability are in line with the public's interest and a greater responsiveness to business requirements...
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How has the relationship between auditors and their respective registrants changed from prior to the implementation of SOX, and will this new rapport have a significant impact on the reliability of their assessment on management controls? Why it's important: Section 404 of SOX not only demands management to report a statement on their assessment of internal controls, but it also requires auditors to evaluate and provide an opinion on the appropriateness of such assessment...
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