The Effectiveness of the Sarbanes-Oxley Act of 2002 in Preventing and Detecting Fraud in Financial Statements

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Author :
Publisher : Universal-Publishers
ISBN 13 : 1581123183
Total Pages : 236 pages
Book Rating : 4.5/5 (811 download)

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Book Synopsis The Effectiveness of the Sarbanes-Oxley Act of 2002 in Preventing and Detecting Fraud in Financial Statements by : Debra DeVay

Download or read book The Effectiveness of the Sarbanes-Oxley Act of 2002 in Preventing and Detecting Fraud in Financial Statements written by Debra DeVay and published by Universal-Publishers. This book was released on 2006 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The collapse of Enron, WorldCom, and other large corporations in 2001 and 2002 motivated Congress to pass the Sarbanes-Oxley Act of 2002 (SOX). The purpose of this legislation was to restore investor confidence in the United States stock markets, and to prevent and detect fraud in financial statements as well. This dissertation examines the effectiveness of SOX for the latter purpose of preventing and detecting fraud, using statistical enforcement data presented by the Securities and Exchange Commission, and financial statement restatement numbers published by the Huron Corporation. The two methodologies utilized to analyze the data were the unpaired t test and the chi square test. Surveys were also emailed to executives and certified public accountants across the country to extract opinions as to the effectiveness of SOX. The statistical analysis results displayed that in 61% to 65% of the data sets, the numbers prior to the enactment of SOX were no different than the numbers subsequent to the enactment of SOX. The majority of the survey respondents feel that the benefits of SOX are not worth the costs, it is not effective in the prevention and detection of fraud in financial statements, and that it should be modified, but not eliminated entirely. While some sentiment exists that SOX is salvageable if revisions are executed, both the quantitative and qualitative analyses indicate support of the null hypothesis, that SOX is not effective in the prevention and detection of fraud in financial statements.

Financial Statement Fraud

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Author :
Publisher : John Wiley & Sons
ISBN 13 : 0470455705
Total Pages : 352 pages
Book Rating : 4.4/5 (74 download)

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Book Synopsis Financial Statement Fraud by : Zabihollah Rezaee

Download or read book Financial Statement Fraud written by Zabihollah Rezaee and published by John Wiley & Sons. This book was released on 2009-09-28 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Practical examples, sample reports, best practices and recommendations to help you deter, detect, and prevent financial statement fraud Financial statement fraud (FSF) continues to be a major challenge for organizations worldwide. Financial Statement Fraud: Prevention and Detection, Second Edition is a superior reference providing you with an up-to-date understanding of financial statement fraud, including its deterrence, prevention, and early detection. You will find A clear description of roles and responsibilities of all those involved in corporate governance and the financial reporting process to improve the quality, reliability and transparency of financial information. Sample reports, examples, and documents that promote a real-world understanding of incentives, opportunities, and rationalizations Emerging corporate governance reforms in the post-SOX era, including provisions of the SOX Act, global regulations and best practices, ethical considerations, and corporate governance principles Practical examples and real-world "how did this happen" discussions that provide valuable insight for corporate directors and executives, auditors, managers, supervisory personnel and other professionals saddled with anti-fraud responsibilities Expert advice from the author of Corporate Governance and Ethics and coauthor of the forthcoming Wiley textbook, White Collar Crime, Fraud Examination and Financial Forensics Financial Statement Fraud, Second Edition contains recommendations from the SEC Advisory Committee to reduce the complexity of the financial reporting process and improving the quality of financial reports.

Exploring the Sarbanes-Oxley Act and Intentions to Commit Financial Statement Fraud

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Publisher :
ISBN 13 :
Total Pages : 117 pages
Book Rating : 4.:/5 (311 download)

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Book Synopsis Exploring the Sarbanes-Oxley Act and Intentions to Commit Financial Statement Fraud by : Joseph C. Ugrin

Download or read book Exploring the Sarbanes-Oxley Act and Intentions to Commit Financial Statement Fraud written by Joseph C. Ugrin and published by . This book was released on 2008 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fraudulent financial reporting has cost investors hundreds of billions of dollars over the past decade, and due to the degree of malfeasance, regulators have responded with the Sarbanes-Oxley Act (SOX). SOX contains mechanisms that are designed to reduce the occurrence of financial statement fraud by strengthening potential sanctions through increased sentencing guidelines and by increasing the certainty of sanctions through the promotion of stronger internal controls. However, little research has been conducted to determine whether the deterrence mechanisms inherent in SOX are effective for reducing an individual's propensity to fraudulently report financial data. This study utilizes General Deterrence Theory (GDT)--a utility-based criminological theory that suggests the threat of punishment will deter illicit behavior--as a theoretical base to examine how individual attitudes about fraudulent reporting, and intentions to commit such acts, are affected by SOX-based deterrence mechanisms. Specifically, the study uses an experiment to examine how threats of longer jail time relate to individual attitudes and perceptions of subjective norms about financial statement fraud. In addition, the study examines how internal controls enhance those relationships. The findings reveal that participants' intentions to commit financial statement fraud are significantly related to their attitudes and perceptions of subjective norms and jail time. The results also show that the influence of jail time has a diminishing incremental effect and is enhanced by strong internal controls and a variety of other factors. This study contributes to the accounting and ethics literatures by assessing the effectiveness of SOX-based deterrence mechanisms. It also contributes to criminological literature by investigating the boundary conditions of GDT.

Financial Statement Fraud Defined

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Author :
Publisher : John Wiley & Sons
ISBN 13 : 1118076486
Total Pages : 352 pages
Book Rating : 4.1/5 (18 download)

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Book Synopsis Financial Statement Fraud Defined by : Zabihollah Rezaee

Download or read book Financial Statement Fraud Defined written by Zabihollah Rezaee and published by John Wiley & Sons. This book was released on 2011-03-21 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Financial Statement Fraud: Prevention and Detection, Second Edition is a valuable reference guide for fraud examiners, audit committees, management, and regulators; and for one other important cog in this wheel: the investors who stand to lose everything." —Joseph Wells, founder and Chairman, Association of Certified Fraud Examiners Exceptionally well researched and fully revised, Financial Statement Fraud, Second Edition provides thorough coverage of the nature and extent of financial reporting fraud. Authors and accounting experts Zabihollah Rezaee and Richard Riley describe the most successful methods for preventing, detecting, and controlling incidents of financial reporting fraud and offer reliable guidance from standard-setting organizations such as the PCAOB, AICPA, and the SEC. Real-life case studies of companies guilty of such fraud—and a discussion of the consequences—help illustrate important concepts. Thoroughly updated for today's marketplace, Financial Statement Fraud, Second Edition contains sample reports, examples, and documents that promote a realistic understanding of financial statement fraud and the investigation of fraudulent financial reporting allegations centered on the elements of fraud: the act, the concealment, and the conversion or benefit to the perpetrator. Whether you are a manager, board of director, executive, or auditor, the Second Edition updates you on all the important issues regarding financial statement fraud, including: Auditing standards issued by the PCAOB, technological advances, and globalization SOX- and SEC-related implementation rules The movement toward IFRS and IAAS and the use of the XBRL reporting platform The trend toward reducing the complexity of the financial reporting process Corporate governance reforms in the post-SOX era Antifraud policies, practices, and education for all players in the financial reporting process With practical tools and techniques for carrying out antifraud responsibilities, Financial Statement Fraud, Second Edition is the only resource you will need to identify early warning signs of financial misconduct and a reliable, practical guide to preventing it.

Learn about Sarbanes-Oxley Compliance

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Author :
Publisher : Independently Published
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.3/5 (97 download)

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Book Synopsis Learn about Sarbanes-Oxley Compliance by : Innoware Pjp

Download or read book Learn about Sarbanes-Oxley Compliance written by Innoware Pjp and published by Independently Published. This book was released on 2023-06-03 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn about Sarbanes-Oxley Compliance Sarbanes-Oxley Act of 2002 (SOX) was enacted as a response to corporate accounting scandals that took place in the early 2000s. The aim of the Act is to strengthen the integrity of financial reporting and to increase the transparency of corporate governance, disclosures and internal controls. The SOX act established requirements for public companies and their auditors to ensure that the financial statements are accurate and reliable. The book covers the following: 1 Introduction Brief overview of the importance of financial regulations and the need for SOX compliance Historical context and background of the Sarbanes-Oxley Act 2 Understanding the Sarbanes-Oxley Act Detailed explanation of the key provisions and sections of the Act Explanation of the purpose and objectives of each section Discussion of the impact of the Act on businesses and the financial industry 3 SOX Compliance Framework Overview of the compliance framework established by SOX Explanation of the major components of the framework Discussion of the roles and responsibilities of key stakeholders, such as management, auditors, and the board of directors 4 Internal Controls Understanding the concept of internal controls Importance of internal controls in achieving SOX compliance Detailed explanation of the key internal control requirements under SOX Best practices for designing and implementing effective internal controls 5 Financial Reporting and Disclosures Overview of the financial reporting requirements imposed by SOX Explanation of the requirements for accurate and timely financial disclosures Discussion of the role of management and auditors in ensuring compliance with reporting requirements 6 Audit Committee Oversight Importance of the audit committee in achieving effective SOX compliance Discussion of the responsibilities and composition of the audit committee Explanation of the requirements for independent audit committees under SOX Best practices for audit committee oversight 7 Whistleblower Protection and Ethics Understanding the whistleblower provisions of SOX Explanation of the protections provided to whistleblowers Discussion of the importance of ethics and integrity in achieving SOX compliance Strategies for establishing a strong ethical culture within organizations 8 Compliance Challenges and Solutions Identification and discussion of common challenges faced during SOX compliance efforts Strategies for overcoming compliance challenges Case studies illustrating successful compliance initiatives 9 Maintaining Ongoing Compliance Importance of continuous monitoring and evaluation of SOX compliance Explanation of the requirements for ongoing compliance efforts Best practices for maintaining compliance over time 10 Future Trends and Developments Discussion of potential future changes and updates to SOX regulations Exploration of emerging trends in corporate governance and compliance Implications of technology and digital transformation on SOX compliance

Financial Statement Fraud

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Author :
Publisher : John Wiley & Sons
ISBN 13 : 0471269158
Total Pages : 337 pages
Book Rating : 4.4/5 (712 download)

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Book Synopsis Financial Statement Fraud by : Zabihollah Rezaee

Download or read book Financial Statement Fraud written by Zabihollah Rezaee and published by John Wiley & Sons. This book was released on 2002-08-14 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: High profile cases of financial statement fraud have been dominating the news recently, causing people to question the accuracy of the financial information made available by companies. This book covers the roles and responsibilities associated with preventing and detecting financial statement fraud, including current developments and professional activities intended to reduce the occurrences of fraudulent financial reporting. It discusses the failures involved in the Enron collapse and includes a Forward by Joseph T. Wells from the Association of Certified Fraud Examiners. This books provides an invaluable context for understanding financial statement fraud.

Financial Reporting Fraud

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Author :
Publisher : American Institute of Certified Public Accountants (AICPA)
ISBN 13 :
Total Pages : 324 pages
Book Rating : 4.4/5 (91 download)

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Book Synopsis Financial Reporting Fraud by : Charles R. Lundelius

Download or read book Financial Reporting Fraud written by Charles R. Lundelius and published by American Institute of Certified Public Accountants (AICPA). This book was released on 2003 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Does the Sarbanes-Oxley Act Reduce Fraudulent Financial Reporting?

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Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (925 download)

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Book Synopsis Does the Sarbanes-Oxley Act Reduce Fraudulent Financial Reporting? by : Szu-fan Chen

Download or read book Does the Sarbanes-Oxley Act Reduce Fraudulent Financial Reporting? written by Szu-fan Chen and published by . This book was released on 2014 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper investigates whether the Sarbanes-Oxley Act (SOX) achieves one of its main goals of combating fraud. After accounting for the impact of SOX on fraud detection and litigation, my findings imply a reduction of 100 basis points in the probability of fraud commission after SOX. Further cross-sectional and time-series analyses show that this reduction is attributable to the internal control provisions of SOX. I also find that investors suffer smaller damages caused by frauds in the post-SOX period than in the pre- SOX period. Although opponents of SOX argue that it reduces the competitiveness of US companies while having little impact on fraud, my results suggest that SOX reduces fraudulent financial reporting and increases investor protection. While this paper investigates an important aspect of the direct benefits of SOX, it does not argue that SOX is on net beneficial since it does not address the compliance costs of the regulation"--Pages iv.

Sarbanes-Oxley Act

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Author :
Publisher : Wolters Kluwer
ISBN 13 : 0735558736
Total Pages : 1519 pages
Book Rating : 4.7/5 (355 download)

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Book Synopsis Sarbanes-Oxley Act by : Diane E. Ambler

Download or read book Sarbanes-Oxley Act written by Diane E. Ambler and published by Wolters Kluwer. This book was released on 2006-01-01 with total page 1519 pages. Available in PDF, EPUB and Kindle. Book excerpt: Only one resource provides practical guidance to help ensure compliance with all Sarbanes-Oxley rules and regulations. Introducing the new Sarbanes-Oxley Act: Planning and& Compliance - the first resource providing practical, step-by-step guidance to help you navigate the Sarbanes-Oxley maze and ensure compliance. Written by two well-respected authorities, this unique and invaluable compendium: Fully reflects the current body of SEC rules, regulations and interpretations, PCAOB rules and standards, and Sarbanes-Oxley related court decisions Covers a wide range of compliance-related issues and areas - from SEC disclosure rules and certification of financial documents, to the treatment of pension plans and loans to officers Includes regular updates to keep you current as the regulatory environment continues to expand and evolve Provides exhaustive details on the compliance responsibilities of corporate CEOs, CFOs, directors, audit committees and attorneys Most importantly, Sarbanes-Oxley Act: Planning and& Compliance provides a veritable andquot;blueprintandquot; for an effective corporate compliance program. For each area covered, you'll find a detailed summary of key subject matters to be addressed; step-by-step guidance on practical planning and implementation issues; recommended compliance procedures; and specific compliance actions to be taken by the company and its key officers. You'll also have access to best practices and policies designed to ensure good corporate governance, transparency and accurate financial reporting. Why settle for andquot;information and explanationandquot; when you can have step-by-step guidance and advice?

The Sarbanes-Oxley Body of Knowledge SOXBoK: An Introduction

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Author :
Publisher : Van Haren
ISBN 13 : 908753941X
Total Pages : 249 pages
Book Rating : 4.0/5 (875 download)

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Book Synopsis The Sarbanes-Oxley Body of Knowledge SOXBoK: An Introduction by : Sanjay Anand

Download or read book The Sarbanes-Oxley Body of Knowledge SOXBoK: An Introduction written by Sanjay Anand and published by Van Haren. This book was released on 2008-08-08 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Introduction Guide to the Sarbanes-Oxley Body of Knowledge (SOXBoK) is the world's most comprehensive, authoritative compendium on Sarbanes-Oxley (SOX). Produced by SOX Institute, the leading provider of Sarbanes-Oxley research, education, certification, advisory and membership services for GRC (Governance, Risk Management and Compliance) professionals, the SOXBoK has been created by practitioners for practitioners. It covers all titles and sections of the Sarbanes-Oxley Act, and provides actionable advice for implementation using GASP (Generally Accepted SOX Principles). It is a must-have for anyone implementing SOX and similar regulations. It addresses the Finance, Accounting, Audit, IT, Ethics, Legal, Risk and other disciplines impacted by SOX. Includes the Act.

Executive Roadmap to Fraud Prevention and Internal Control

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Publisher : John Wiley & Sons
ISBN 13 : 0471779679
Total Pages : 417 pages
Book Rating : 4.4/5 (717 download)

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Book Synopsis Executive Roadmap to Fraud Prevention and Internal Control by : Martin T. Biegelman

Download or read book Executive Roadmap to Fraud Prevention and Internal Control written by Martin T. Biegelman and published by John Wiley & Sons. This book was released on 2012-03-14 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Executive Roadmap to Fraud Prevention and InternalControl "Our nation is faced with dual alarming trends of record highs inwhite-collar crime and seemingly record lows in ethics. Thesolution cannot be left only to legislators, regulators, and lawenforcement. It requires the attention of all of us in business tocreate a culture of compliance. This new book by Martin Biegelmanand Joel Bartow is an invaluable resource to achieving the highestlevels of compliance." --Kenneth J. Hunter, former chief postal inspector andformer president & CEO of the Council of Better BusinessBureaus "This is a timely and thought-provoking addition to fraud and riskmanagement literature. For seasoned executives who are navigatingthe maze of compliance, legislative requirements, and increasinglysophisticated criminal activity, this book will be a frequentreference and guide. Neophyte managers will gain years of insightand direction that can only benefit their organizations. Academics,both faculty and students, will learn from the authors' ability toapply theory to high-level practice." --Gary R. Gordon, EdD, Professor of Economic CrimeManagement and Executive Director, Economic Crime Institute ofUtica College "All executives need to protect themselves and their organizationsfrom the potentially catastrophic damage fraud can cause, bothfinancially and reputationally. This new book is a very clear andpractical guide to achieving that goal." --Toby J. F. Bishop, President and Chief Executive Officer,Association of Certified Fraud Examiners "This book is a must-read for anyone eager to understand--andprevent--the toxic mix of temptations that can destroy a company'sreputation overnight. The authors, both seasoned former fraudinvestigators, bring a unique, clear-eyed perspective to the topicof corporate fraud. They have seen it all, and their book is aninvaluable reference for senior management, compliance executives,in-house lawyers, and anyone else who cares about corporateintegrity." --Leslie R. Caldwell, Partner, Morgan Lewis & Bockiusformer director, U.S. Department of Justice Enron Task Force "Excellent resource! A great guide for corporate management in thepost-Enron world." --Karen A. Popp, Partner, Sidley Austin Brown & Wood LLPand former associate counsel to President Bill Clinton and formerfederal prosecutor

The Sarbanes-Oxley Act

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (752 download)

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Book Synopsis The Sarbanes-Oxley Act by : Joseph J. Schantz (II)

Download or read book The Sarbanes-Oxley Act written by Joseph J. Schantz (II) and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis examines in detail the Sarbanes-Oxley Act of 2002, including the historical events leading up to its enactment and its subsequent effect on the accounting profession. Congress approved the Sarbanes-Oxley Act on July 30, 2002, during the disclosure of immense pecuniary fraud perpetrated by many of America's largest companies. The Act created new requirements and restrictions for auditors, management, and corporations in hopes of correcting and preventing some of the troubles America was facing at the time. The Act establishes the five-member Public Company Accounting Oversight Board, giving it the authority and power to write rules and enforce penalties, which the Securities and Exchange Commission may evaluate. Violations of the Public Company Accounting Oversight Board's rules are considered violations of the 1934 Securities Act. This thesis expresses the importance of the Sarbanes-Oxley Act's implementation as well as the impact of the new laws on the auditing function of the accounting profession. Implementation of the Sarbanes-Oxley Act will hopefully restore the trust of the people and provide reasonable assurance that there will be harsh consequences for unethical and dishonest practices in the auditing profession.

Financial Statement Fraud

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Author :
Publisher : Practising Law Institute
ISBN 13 : 9781402404764
Total Pages : 336 pages
Book Rating : 4.4/5 (47 download)

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Book Synopsis Financial Statement Fraud by :

Download or read book Financial Statement Fraud written by and published by Practising Law Institute. This book was released on 2004 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Sarbanes-Oxley Act in Perspective

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Publisher :
ISBN 13 :
Total Pages : 400 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Sarbanes-Oxley Act in Perspective by : Harold S. Bloomenthal

Download or read book Sarbanes-Oxley Act in Perspective written by Harold S. Bloomenthal and published by . This book was released on 2002 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: "West's securities law library"--Page 4 of cover.

Sarbanes-Oxley Act in Perspective

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Publisher :
ISBN 13 :
Total Pages : 974 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Sarbanes-Oxley Act in Perspective by :

Download or read book Sarbanes-Oxley Act in Perspective written by and published by . This book was released on 2006 with total page 974 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Reporting Practices

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Publisher :
ISBN 13 :
Total Pages : 380 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Financial Reporting Practices by : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations

Download or read book Financial Reporting Practices written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations and published by . This book was released on 1988 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Overview of the Sarbanes-Oxley Act of 2002 with Other Changes in Auditing and the Public Accounting Profession

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Author :
Publisher : Prentice Hall
ISBN 13 : 9780131447554
Total Pages : 58 pages
Book Rating : 4.4/5 (475 download)

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Book Synopsis Overview of the Sarbanes-Oxley Act of 2002 with Other Changes in Auditing and the Public Accounting Profession by : Alvin A. Arens

Download or read book Overview of the Sarbanes-Oxley Act of 2002 with Other Changes in Auditing and the Public Accounting Profession written by Alvin A. Arens and published by Prentice Hall. This book was released on 2004 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: