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Essay / Research Paper Abstract
The 17-page paper examines the Sarbanes-Oxley Act, Statements on Auditing Standards 99 (SAS 99) and the Public Company Accounting Oversight Board (PCAOB). Paper determines potential impact of these Acts and rules on future audits. Bibliography lists 7 sources.
Page Count:
17 pages (~225 words per page)
File: D0_MTsaro99.rtf
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Unformatted sample text from the term paper:
events exposed almost everything wrong with Corporate America. These included above-mentioned fraud, obstruction of justice, and just plain greed. The accounting improprieties and irregularities also wore away investor confidence
in the publicly held corporations in which they put money. This concern only made sense -- investors will put their money into companies with solid financial reporting. But
if that reporting is at fault and no one knows it, investors and up losing their money. Adding insult to injury, laws
had already on the books to prevent situations such as Enron from happening, yet they didnt deter the companys downfall - in fact, Enrons senior management had showed a remarkable
disregard for following any type of law. In response, something needed to be done to point out to corporate executives that cheating simply would not do anyone any good.
Because of this disregard - and to help restore badly shaken investor confidence -- Congress passed the Sarbanes-Oxley Act of 2002, an
act to address corporate reform and to help reduce the possibility of future accounting fraud and statements. Part of the Act, as well see in this paper later on, was
the creation of a Public Co. Accounting Oversight Board (PCAOB). One year later, during 2003, the American Institute of Certified Public Accountants
(AICPA) approved in a new standard -- Statement on Auditing Standards 99, Consideration of Fraud in a Financial Statement Audit. This has been named SAS 99 -- and as
it is still so new, it is still uncertain as to whether it has been effective or not. While the Act and
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