29 Jul vWHAT REGULATORY COMPLIANCE REQUIREMENTS APPLY TO VARIOUS BUSINESS SITUATIONS?
Review the “Ethics in Action” scenario in Chapter 46 of your text. Ethics in Action Public Company Accounting Oversight Board One of the main features of the Sarbanes–Oxley Act (SOX) is the creation of an independent board that oversees the audits of public companies. Congress’s perception was that auditing firms were not sufficiently independent of the public companies they audited due in part to the audit firms’ receiving sizable nonaudit consulting fees from their audit clients. Thus, SOX created a Public Company Accounting Oversight Board (PCAOB). Public accounting firms that audit financial statements of public companies are required to register with PCAOB and submit to its rules. The board is charged with adopting rules establishing auditing, quality control, ethics, and independence standards. It has the power to regulate the nonaudit services that audit firms may perform for their clients. The PCAOB has the power to inspect periodically public accounting firms and to issue reports of the results of the reviews. The purpose of inspections is to assess the degree of compliance with the requirements of SOX, professional auditing standards, and the rules of the PCAOB and the SEC in the performance of audits and the issuance of audit reports of public companies. In addition, the PCAOB may investigate and discipline audit firms and their partners and employees. The PCAOB is not a federal agency, but a nonprofit corporation with broad regulatory power like the Financial Industry Regulatory Authority (FINRA), a self-regulatory organization that regulates securities brokers and dealers. It has five members, only two of which may be CPAs. No board member may receive any share of profits or compensation from a public accounting firm.
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 guideline
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.