LAW 531/LAW531 Week 5 Individual Assignment Regulatory and Compliance Issues Paper

Jul 20th, 2016
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LAW 531/LAW531 Week 5 Individual Assignment Regulatory and Compliance Issues Paper Review the "Ethics in Action" scenario in Chapter 46 of your text. Write a paper of not more than 1,050 words in which you answer the following questions: •Do you think that the creation and work of the Public Company Accounting Oversight Board (PCAOB) has resulted in greater independence of auditors of public companies? •If auditing of financial statements is required primarily for the protection of public investors, should not all PCAOB members be taken from the investment community that uses audited financial statements? •What regulatory compliance requirements apply to various business situations? Cite at least 5 peer-reviewed references. Format your paper consistent with APA guidelines. Click the Assignment Files tab to submit your assignment.

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Running Head: Ethics in ActionTitle:Course Name:Topic Name:Instructor Name:Student Name:Date:Running Head: Ethics in ActionIntroductionThe Public Company Accounting Oversight Board (PCAOB) is a nonprofit; private-sectorCorporation created by the Sarbanes-Oxley Act of 2002 to supervise accounting specialized whoprovide private audit reports for publicly traded business companies (R Thompson & KVenkataraman, 2004). Mainly it was created in wake of the current financial scandals of suchglobal companies like Global Crossing, Enron, WorldCom, and to name a few. Importantly thevaluable Act established by US Congress is to make an oversight board, so that these typescandals will never arise again in future.Sarbanes-Oxley Act (SOX) immediately changed the business way how public companies takeinside controls and reporting within finance and accounting and the business way of publiccompanies being administered. One of the most key objectives of Sarbanes-Oxley Act is tomanage public accounting, investment and publicity reporting business. With the aim of watchthe acts of public accountancy and follow the main objectives of SOX, it created PCAOB. Thishigh level board directs the publicity reporting business and accounting line of work with respectto business audits and reporting (R Thompson & K Venkataraman, 2004). The members ofPCAOB are highly enforced not to have any involvement with the members of the companies orpublic companies in order to keep all terms

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