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Essay / Research Paper Abstract
This 6 page paper discusses the new roles of the corporate auditor. Internal Control, Audit Committees and the new Ethics are discussed. Bibliography lists 5 sources.
Page Count:
6 pages (~225 words per page)
File: D0_MBsarox.rtf
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Unformatted sample text from the term paper:
as Sarbanes-Oxley was passed into law. After the investigations were performed and the smoke cleared, it was determined that a good deal of the crisis was spawned by numerous accounting
problems that misled and disguised debts that the companies were actually incurring. Two years later, the impact of the Sarbanes-Oxley act is still being viewed as a positive step in
the right direction, restructuring audit committees, redistributing internal controls and enforcing new regulations which compel members to act within a certain code of ethics. INTERNAL CONTROL
Never before have such sweeping internal reforms, mandated by the federal government, been enacted. The new law mandates the duties of certain employees and board members, redesigning
the structure of the boards of directors and certain criteria designed to test the compliance of internal control systems. This is good and this is bad.
What is immediately noticeable is that the Internal Control provision of the Sarbanes-Oxley assumes that their model is a one size fits all, that this model
works for the large corporation as well as the Mom-and-Pop small businesses. In reality, this couldnt be further from the truth. Many small businesses are hurting due to the increased
demands by the federal government to comply with the internal control systems which were really designed with the larger publicly owned operations. And, while the Sarbanes-Oxley act was created to
address publicly owned businesses, the effect would seem to be felt in the private sectors as well. Secondly, the impact is being felt
on the state level. Traditionally, the states regulated corporate governance, but with the issuance of the Sarbanes-Oxley corporate law became a federal concern. In other words, states are no longer
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