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The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations.The act, Pub. L. 107–204 (text), 116 Stat. 745, enacted July 30, 2002, also known as the "Public Company Accounting Reform and Investor Protection Act" (in the Senate) and "Corporate and Auditing Accountability, Responsibility, and ...
SAS 99 defines fraud as an intentional act that results in a material misstatement in financial statements. There are two types of fraud considered: misstatements arising from fraudulent financial reporting (e.g. falsification of accounting records) and misstatements arising from misappropriation of assets (e.g. theft of assets or fraudulent expenditures).
Amendment to Statement on Auditing Standards No. 1: Codification of Auditing Standards and Procedures (Due Professional Care in the Performance of Work) full-text: February 2006 105: Amendment to Statement on Auditing Standards No. 95: Generally Accepted Auditing Standards full-text: February 2006 106: Audit Evidence full-text: February 2006 107
Auditing standards and procedures full-text: 1963 34: Long-term investments full-text: 1965 September 35: Letters for underwriters full-text: 1965 November 36: Revision of "Extensions of auditing procedure" relating to inventories full-text: 1966 August 37: Special report : public warehouses : controls and auditing procedures for goods held ...
The law also contains the following provisions in connection with the functioning of the Court of Audit: provisions setting out the work methods and audit procedures; legal instruments are envisaged for ensuring and establishing accountability and for the dismissal of members of the Court of Audit, supreme state auditors and auditors;
Registered accounting firms that issue audit reports for more than 100 issuers (primarily public companies) are required to be inspected annually. This is usually around 10 firms. Registered firms that issue audit reports for 100 or fewer issuers are generally inspected at least once every three years.
Two key provisions of Act 372, a law which would allow criminal charges to be pressed against librarians and other book content providers, was declared unconstitutional.
No audit firm wants to have to explain to the press the loss of a big client. This gives the directors of the large company a commanding position over its audit firm and they may look to take advantage of it. The audit team would feel pressured to satisfy the needs of the directors and in doing so would lose their independence.