Explore BrainMass

Explore BrainMass


    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    1. Access the Journal of Accountancy article by Michael Ramos "Evaluate the Control Environment" from October 19, 2004. Hint: You can find this article in the eRosource Internet article section.

    Situation: You are a senior auditor for a Big 4 audit firm and you have been assigned to a new internal client. It is a US based company that has operations all over the world. The lead partner on the engagement has indicate that during a recent planning meeting with colleagues from the other offices that will be working on this engagement it appears that most are very qualified and have dealt with large clients in the past. However, your firm's German office is relatively small and has not really dealt with SOX in the past.

    Requirements: The lead partner has a lot of confidence in your abilities and asked you to prepare a power point presentation to the partners of your firm's German office explaining the importance of SOX and has asked you to incorporate some of the ideas that you may have learned in the article indicated above.

    2. Access www.sec.gov and locate the SOX act. Please list all the section of the SOX Act. In addition, please explain in detail the content and purpose of Sections 302 and 404.

    © BrainMass Inc. brainmass.com October 9, 2019, 7:55 pm ad1c9bdddf

    Solution Preview

    STEP 1
    The article "Evaluate the Control Environment" by Michael Ramos is the basis of the PowerPoint presentation.

    STEP 2
    List all sections of SOX: This material is taken from the website: http://www.law.uc.edu "

    Section 101 -- Establishment; Administrative Provisions

    Section 102 -- Registration with the Board

    Section 103 -- Auditing, Quality Control, and Independence Standards and Rules

    Section 104 -- Inspections of Registered Public Accounting Firms

    Section 105 -- Investigations and Disciplinary Proceedings

    Section 106 -- Foreign Public Accounting Firms

    Section 107 -- Commission Oversight of the Board

    Section 108 -- Accounting Standards

    Section 109 -- Funding


    Section 201 -- Services Outside the Scope of Practice of Auditors

    Section 202 -- Preapproval Requirements

    Section 203 -- Audit Partner Rotation

    Section 204 -- Auditor Reports to Audit Committees

    Section 205 -- Conforming Amendments

    Section 206 -- Conflicts of Interest

    Section 207 -- Study of Mandatory Rotation of Registered Public Accounting Firms

    Section 208 -- Commission Authority

    Section 209 -- Considerations by Appropriate State Regulatory Authorities


    Section 301 -- Public Company Audit Committees

    Section 302 -- Corporate Responsibility for Financial Reports

    Section 303 -- Improper Influence on Conduct of Audits

    Section 304 -- Forfeiture of Certain Bonuses and Profits

    Section 305 -- Officer and Director Bars and Penalties

    Section ...

    Solution Summary

    This posting gives you an in-depth insight into Auditing