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Impacts On The Audit Of Conforming With The Sarbanes– O xley Requirements

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Added on  2021-05-31

Impacts On The Audit Of Conforming With The Sarbanes– O xley Requirements

   Added on 2021-05-31

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Public vs. Private Company Controls StandardStudent NameProfessorDate
Impacts On The Audit Of Conforming With The Sarbanes– O xley Requirements_1
Potential Impacts On The Audit Of Conforming With The Sarbanes–Oxley Requirements The Sarbanes-Oxley Act (SOX) and the PCAOB auditing standards 5 will have an impact on increasing your company cost when the company basically decides to float the shares to the public.Internal controls reporting will have to apply it to your company’s both auditing and management As the company CEO, you will be responsible for the testing, documentation and assessment of the company’s internal controls in regards to the financial reporting. This will be a costly process but will be crucial in making sure that the company has firm and sound controls (Collins, Masli, Reitenga, & Sanchez, 2009)
Impacts On The Audit Of Conforming With The Sarbanes– O xley Requirements_2
Cont........As the CEO, you will be needed to write as an assessment under which the management will acknowledge taking responsibility for the internal control backed by sufficient and concrete documentation and evidence .The auditor will be collecting evidence when reporting about the effectiveness of your company controls (Louwers, Ramsay', Sinason, Strawser, & Thibodeau, 2015). The auditor will also utilize a few tests that were carried out by your personnel when reporting but the most vital evidence use will be the work of the auditor. This means that the auditor will be conducting a higher number of tests during the process of auditing
Impacts On The Audit Of Conforming With The Sarbanes– O xley Requirements_3

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