ACC 375 Week 2 Learning Team Assignment Sarbanes-Oxley Act Training Manual

May 8th, 2015
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ACC 375 Week 2 Learning Team Assignment Sarbanes-Oxley Act Training Manual

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SarbanesOxley ActTrainingManualPresented By: Team DACC/375March 28, 2011Reasons for the Sarbanes-Oxley Act Congress enacted theSarbanes Oxley Act inresponse to public demandfor actions to makecorporations across Americaaccountable for accuratefinancial information. The Sarbanes-Oxley Act hasregulations in the law thatrequires specific actions ofall public companiesfinancial reporting.Ethical decisionsin AccountingThe previous ethicalstandards foraccounting standardswere ignored or notimputed many timesbecause of lack ofinternal controls orprofit for auditors andcompany managers.The Current United States Accountingrule-making bodies.PublicCompanyAccountingOversightBoardsFederalAccountingStandardBoardSecurity andExchangeCommissionPublic CompanyAccountingOversight Board(PCAOB)The PublicCompanyAccountingOversight Board(PCAOB) wascreated by theSecurity andExchangeCommission (SEC)to help implementthe SarbanesOxley Act (SOX).Security andExchangeCommission(SEC)The Security and ExchangeCommission (SEC) is agovernment agency thatdeals with the protection ofinvestors and the securitymarkets integrity.Federal AccountingStandardBoard (FASB)The FederalAccounting StandardBoard (FASB) is anagency set-up toensure accountingstandards thatshould be used on allfinancial statementsand accountingrecords wereenacted.ManagementResponsibilityRead financialstatementsNo false, mislead

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