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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 ...
An example would be a special revenue fund to record state and federal fuel tax revenues, since by federal and state law the tax revenue can only be spent on transportation uses. Capital projects funds are used to account for the construction or acquisition of fixed assets, [27] such as buildings, equipment and roads. Depending on its use, a ...
If CPAs fail to modify the audit report on financial statements that are materially misstated, investors and firm creditors may experience substantial losses. Depending on the jurisdiction, CPAs may be liable for damages based upon common law, statutory law, or both. Common law liability arises from negligence, breach of contract, and fraud.
A "statutory audit" is a legally required review of the accuracy of a company's or government's financial records. The purpose of a statutory audit is the same as the purpose of any other audit – to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial ...
Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained full-text: February 2006 111: Amendment to Statement on Auditing Standards No. 39: Audit Sampling full-text: February 2006 112: Communicating Internal Control Related Matters Identified in an Audit full-text: May 2006 113: Omnibus 2006 full-text ...
Records management systems generally distinguish between records and non-records (convenience copies, rough drafts, duplicates), which do not need formal management. Many systems, especially for electronic records, require documents to be formally declared as a record so they can be managed. Once declared, a record cannot be changed and can ...
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Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory.