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Sarbanes Oxley Act of 2002

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Detail discussion on how the Sarbanes Oxley Act of 2002 fundamentally altered how firm audits are conducted. Use citations as needed.

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Your tutorial is 218 words and three references and gives three major fundamental changes resulting from Sarbanes Oxley Act of 2002.

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Before Sarbanes Oxley Act of 2002 (SOX), the external auditor could "beat the balance sheet." This was an expression meaning that they could verify all the assets and liabilities and the differences must be the income statement! In other words, the audit could be done almost exclusively with substantive testing of beginning and ending amounts and some transactions. SOX changed all that.

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Carol Sargent, PhD
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  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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