AUD 2 Professional Responsibilities and Ethics 9 Flashcards
Sarbanes-Oxley Act (SOX)
Relevant pro___ions follow:
Title I – Public Accounting Oversight Board (sections)
Title II – Auditor Independence
Title III – Corporate Responsibility
Title IV – Enhanced Financial Disclosures
Title V – Analyst Conflict of Interest
Title VI – Commission Resources and Authority
Title VII – Studies and Reports
Title VIII – Corporate and Criminal Fraud Accountability
Title IX – White Collar Crime Penalty Enhancements
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
Title II – Auditor Independence
Title III – Corporate Responsibility
Title IV – Enhanced Financial Disclosures
Title V – Analyst Conflict of Interest
Title VI – Commission Resources and Authority
Title VII – Studies and Reports
Title VIII – Corporate and Criminal Fraud Accountability
Title IX – White Collar Crime Penalty Enhancements
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are ___s,
all appointed by the SEC.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.
• 102 – Requires public accounting firms to re____er with the Board in order to issue or participate in the issuance of an audit report for an issuer.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit re____ for an issuer.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by re______ed public accounting firms
in the preparation and issuance of audit reports.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines pu____ accounting firms and enforces compliance with the act.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o S\_\_\_\_\_\_\_\_\_s either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.
The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.
o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.
o Must keep workpapers for 7 years from report release date.
o A second partner is required to review all audit reports.
o Audit reports must describe the scope of testing for I/C.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control P____ Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:
o Must be performed every year for firms that provide more than 100 audit reports annually.
o At least every 3 years if 100 or less annually
▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board au____ty to conduct investigations and obtain all relevant info.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all re_______ info.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct in__________s and obtain all relevant info.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and ob____ all relevant info.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend au\_\_\_\_\_\_s,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
su\_\_\_\_\_d auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the re\_\_\_\_\_\_\_\_n of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
re\_\_\_e the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the acc\_\_\_\_\_ing firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose pe\_\_\_\_\_ies for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for vi\_\_\_\_\_\_ns
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or im\_\_\_\_ penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unw\_\_\_\_\_\_\_ss to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to co\_\_\_\_\_\_\_\_ with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an inv\_\_\_\_\_\_\_\_\_.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Provisions ap\_\_\_ to both domestic and foreign auditors.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Provisions apply to both domestic and foreign auditors.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Provisions apply to both do\_\_\_\_\_ and foreign auditors.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Provisions apply to both domestic and foreign auditors.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Provisions apply to both domestic and for\_\_\_\_ auditors.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Provisions apply to both domestic and foreign auditors.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
o Provisions apply to both domestic and foreign au\_\_\_\_\_s.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
o Provisions apply to both domestic and foreign auditors.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary pe\_\_\_\_es for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an in\_\_\_\_\_\_\_\_
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an e\_\_\_\_y
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional br\_\_\_\_ $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for vi\_\_\_\_\_\_n of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or se\_\_\_\_\_ies law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if in\_\_\_\_\_\_\_\_l breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board ru\_\_s or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
o Provisions apply to both domestic and foreign auditors.
o Monetary penalties for violation of board rules or securities law
capped at $\_\_\_K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
o Provisions apply to both domestic and foreign auditors.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
o Provisions apply to both domestic and foreign auditors.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $_M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
o Provisions apply to both domestic and foreign auditors.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives B____ authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
o Provisions apply to both domestic and foreign auditors.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 105 – Gives Board authority to conduct investigations and obtain all relevant info.
o Power to
suspend auditors,
revoke the registration of the accounting firm,
or impose penalties for violations
or for unwillingness to cooperate with an investigation.
o Provisions apply to both domestic and foreign auditors.
o Monetary penalties for violation of board rules or securities law
capped at $100K for an individual
and $2M for an entity
(if intentional breach $750K and $15M).
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign pu____ accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public acc____ting firms furnishing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public accounting firms furnishing an au___ re____ to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public accounting firms furnishing an audit report to an is__er and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to com___ with board requests.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 106 – Re______es foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates for___n public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public accounting firms fu____ing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 107 – Gives SEC oversight and enforcement authority over the Board and its de______s.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
• 107 – Gives SEC oversight and enforcement authority over the Board and its decisions.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 107 – Gives ___ oversight and enforcement authority over the Board and its decisions.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 107 – Gives SEC oversight and enforcement authority over the Board and its decisions.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 107 – Gives SEC oversight and enf_______ authority over the Board and its decisions.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 107 – Gives SEC oversight and enforcement authority over the Board and its decisions.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 107 – Gives SEC oversight and enforcement au_____y over the Board and its decisions.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 107 – Gives SEC oversight and enforcement authority over the Board and its decisions.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC
to adopt the accounting st_______s established by a standard setting body
that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body
that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC
to adopt the accounting standards established by a standard setting body
that meets certain qu_________s, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC
to adopt the accounting standards established by a standard setting body
that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC
to ad___ the accounting standards established by a standard setting body
that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC
to adopt the accounting standards established by a standard setting body
that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – A_____s the Securities Act of 1933 to allow the SEC
to adopt the accounting standards established by a standard setting body
that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC
to adopt the accounting standards established by a standard setting body
that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the S___
to adopt the accounting standards established by a standard setting body
that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC
to adopt the accounting standards established by a standard setting body
that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC
to adopt the acc_____ing standards established by a standard setting body
that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC
to adopt the accounting standards established by a standard setting body
that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC
to adopt the accounting standards established by a standard setting body
that m____s certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC
to adopt the accounting standards established by a standard setting body
that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to es_____ accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Required study of accounting pr\_\_\_\_\_\_\_s, including content, structure, and standard-setting process.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933
o Required study of accounting principles, including content, structure, and standard-setting process.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Required st\_\_\_ of accounting principles, including content, structure, and standard-setting process.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933
o Required study of accounting principles, including content, structure, and standard-setting process.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Required study of accounting principles, including co\_\_\_\_\_, structure, and standard-setting process.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933
o Required study of accounting principles, including content, structure, and standard-setting process.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Required study of accounting principles, including content, st\_\_\_\_\_\_\_e, and standard-setting process.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933
o Required study of accounting principles, including content, structure, and standard-setting process.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Required study of accounting principles, including content, structure, and standard-s\_\_\_ing process.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933
o Required study of accounting principles, including content, structure, and standard-setting process.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Re\_\_\_ed study of accounting principles, including content, structure, and standard-setting process.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933
o Required study of accounting principles, including content, structure, and standard-setting process.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Made re\_\_\_\_\_\_\_\_\_\_\_s to FASB, resulting in development of the Codification, and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933
o Made recommendations to FASB, resulting in development of the Codification, and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Made recommendations to F\_\_\_\_, resulting in development of the Codification, and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933
o Made recommendations to FASB, resulting in development of the Codification, and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Made recommendations to FASB, resulting in de\_\_\_\_\_\_\_\_\_ of the Codification, and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933
o Made recommendations to FASB, resulting in development of the Codification, and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Made recommendations to FASB, resulting in development of the Co\_\_\_\_\_\_\_\_n,
and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933
o Made recommendations to FASB, resulting in development of the Codification, and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Made recommendations to FASB, resulting in development of the Codification,
and adopted FASB standards as amended by SEC pro__________s.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933
o Made recommendations to FASB, resulting in development of the Codification,
and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Made recommendations to FASB, resulting in development of the Codification,
and ad___ed FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933
o Made recommendations to FASB, resulting in development of the Codification,
and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Required study of accounting principles, including content, structure, and standard-setting process.
o Made recommendations to FASB, resulting in development of the Codification, and adopted FASB standards as am\_\_\_ed by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Required study of accounting principles, including content, structure, and standard-setting process.
o Made recommendations to FASB, resulting in development of the Codification, and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Required study of accounting principles, including content, structure, and standard-setting process.
o Ma\_\_ recommendations to FASB, resulting in development of the Codification, and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Required study of accounting principles, including content, structure, and standard-setting process.
o Made recommendations to FASB, resulting in development of the Codification, and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Required study of accounting principles, including content, structure, and standard-setting process.
o Made recommendations to FASB, resulting in development of the Codification, and adopted FASB standards as amended by \_\_\_ pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 108 – Amends the Securities Act of 1933 to allow the SEC, which has the authority to establish accounting standards,
to adopt the accounting standards established by a standard setting body that meets certain qualifications, such as the FASB.
o Required study of accounting principles, including content, structure, and standard-setting process.
o Made recommendations to FASB, resulting in development of the Codification, and adopted FASB standards as amended by SEC pronouncements.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 109 – Calls for funding of the Board and the designated accounting st______-setting body (FASB) to be funded from fees imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from fees imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 109 – Calls for funding of the Board and the designated accounting standard-setting body (F____) to be funded from fees imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from fees imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from f__s imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from fees imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from fees imposed upon pu____ companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from fees imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 109 – Calls for f___ing of the Board and the designated accounting standard-setting body (FASB) to be f___ed from fees imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
• 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from fees imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
- 101 – Establishes the Board (PCAOB)
- 102 – Requires public accounting firms to register with the Board (PCAOB)
• 103 – Authorizes the Board (PCAOB) to establish audit, quality control, and ethics standards.
The board (PCAOB) also inspects, investigates, and disciplines public accounting firms and enforces compliance.
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board (PCAOB)
• 105 – Gives Board (PCAOB) authority to conduct investigations and obtain all relevant info.
Power to suspend auditors, revoke the registration of the accounting firm, or impose penalties for violations
- 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
- 107 – Gives SEC oversight and enforcement authority over the Board (PCAOB) and its decisions.
• 108 – Amends the Securities Act of 1933 to allow the SEC to adopt the accounting standards that meets certain qualifications, such as the FASB.
Required study of accounting principles
Made recommendations to FASB,
• 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from fees imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
- 101 – Establishes the Board (PCAOB)
- 102 – Requires public accounting firms to register with the Board (PCAOB)
• 103 – Authorizes the Board (PCAOB) to establish audit, quality control, and ethics standards.
The board (PCAOB) also inspects, investigates, and disciplines public accounting firms and enforces compliance.
• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board (PCAOB)
• 105 – Gives Board (PCAOB) authority to conduct investigations and obtain all relevant info.
Power to suspend auditors, revoke the registration of the accounting firm, or impose penalties for violations
- 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
- 107 – Gives SEC oversight and enforcement authority over the Board (PCAOB) and its decisions.
• 108 – Amends the Securities Act of 1933 to allow the SEC to adopt the accounting standards that meets certain qualifications, such as the FASB.
Required study of accounting principles
Made recommendations to FASB,
• 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from fees imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
- 101 – Establishes the Board (PCAOB)
- 102 – Requires public accounting firms to register with the Board
- 103 – Authorizes the Board to establish audit, quality control, and ethics standards. The board also inspects, investigates, and disciplines public accounting firms and enforces compliance.
- 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board
- 105 – Gives Board (PCAOB) authority to conduct investigations and obtain all relevant info. Power to suspend auditors, revoke the registration of the accounting firm, or impose penalties for violations
- 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
- 107 – Gives SEC oversight and enforcement authority over the Board and its decisions.
- 108 – Amends the Securities Act of 1933 to allow the SEC to adopt the accounting standards that meets certain qualifications, such as the FASB.
- 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from fees imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Title I – Public Accounting Oversight Board (sections)
- 101 – Establishes the Board (PCAOB)
- 102 – Requires public accounting firms to register with the Board
- 103 – Authorizes the Board to establish audit, quality control, and ethics standards. The board also inspects, investigates, and disciplines public accounting firms and enforces compliance.
- 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board
- 105 – Gives Board (PCAOB) authority to conduct investigations and obtain all relevant info. Power to suspend auditors, revoke the registration of the accounting firm, or impose penalties for violations
- 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
- 107 – Gives SEC oversight and enforcement authority over the Board and its decisions.
- 108 – Amends the Securities Act of 1933 to allow the SEC to adopt the accounting standards that meets certain qualifications, such as the FASB.
- 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from fees imposed upon public companies.
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
Title II – Auditor Independence
Title III – Corporate Responsibility
Title IV – Enhanced Financial Disclosures
Title V – Analyst Conflict of Interest
Title VI – Commission Resources and Authority
Title VII – Studies and Reports
Title VIII – Corporate and Criminal Fraud Accountability
Title IX – White Collar Crime Penalty Enhancements
Sarbanes-Oxley Act (SOX)
Relevant provisions follow:
Title I – Public Accounting Oversight Board (sections)
Title II – Auditor Independence
Title III – Corporate Responsibility
Title IV – Enhanced Financial Disclosures
Title V – Analyst Conflict of Interest
Title VI – Commission Resources and Authority
Title VII – Studies and Reports
Title VIII – Corporate and Criminal Fraud Accountability
Title IX – White Collar Crime Penalty Enhancements
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – Prohibits any registered public accounting firm from providing the following non-audit services to Audit clients:
Bookkeeping,
Financial info system design or implementation,
Appraisal or valuation services,
Actuarial services,
Internal audit outsourcing,
Management functions or HR,
Broker or dealer investment advisor or investment banking services,
Legal services
202 – Requires the issuer’s audit committee to preapprove all auditing and non-auditing services to be provided to an issuer.
- 203 – Establishes mandatory and substantive rotation of audit partner and partner responsible for review every 5 years.
- 204 – Requires audit firm to report to the audit committee: Critical accounting policies, Alternative accounting treatments, Material written communications
- 205 – Defines the term audit committee
- 206 – Prohibits the audit firm from providing audit services for issuer if the CEO, controller, CFO, CAO was employed in the audit practice of the accounting firm during the one-year period prior to the audit.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – Prohibits any registered public accounting firm from providing the following non-audit services to Audit clients:
Bookkeeping,
Financial info system design or implementation,
Appraisal or valuation services,
Actuarial services,
Internal audit outsourcing,
Management functions or HR,
Broker or dealer investment advisor or investment banking services,
Legal services
202 – Requires the issuer’s audit committee to preapprove all auditing and non-auditing services to be provided to an issuer.
- 203 – Establishes mandatory and substantive rotation of audit partner and partner responsible for review every 5 years.
- 204 – Requires audit firm to report to the audit committee: Critical accounting policies, Alternative accounting treatments, Material written communications
- 205 – Defines the term audit committee
- 206 – Prohibits the audit firm from providing audit services for issuer if the CEO, controller, CFO, CAO was employed in the audit practice of the accounting firm during the one-year period prior to the audit.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any re_____ed public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or valuation services, or providing fairness opinions or contribution-in-kind reports.
o Actuarial services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or valuation services, or providing fairness opinions or contribution-in-kind reports.
o Actuarial services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o B\_\_\_\_\_\_\_\_\_ing or other services related to the accounting records.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting r\_\_\_\_\_\_s.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o F\_\_\_\_\_\_\_ info systems design or implementation.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial i\_\_\_ systems design or implementation.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems d\_\_\_\_\_ or implementation.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or v\_\_\_\_\_\_\_\_n services, or providing fairness opinions or contribution-in-kind reports.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or valuation services, or providing fairness opinions or contribution-in-kind reports.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Ap\_\_\_\_\_\_\_l or valuation services, or providing fairness opinions or contribution-in-kind reports.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or valuation services, or providing fairness opinions or contribution-in-kind reports.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or valuation services, or providing f\_\_\_\_ss opinions or contribution-in-kind reports.
o Actuarial services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or valuation services, or providing fairness opinions or contribution-in-kind reports.
o Actuarial services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or valuation services, or providing fairness op\_\_\_\_\_s or contribution-in-kind reports.
o Actuarial services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or valuation services, or providing fairness opinions or contribution-in-kind reports.
o Actuarial services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or valuation services, or providing fairness opinions or contribution-in-kind reports.
o Ac\_\_\_\_\_\_l services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or valuation services, or providing fairness opinions or contribution-in-kind reports.
o Actuarial services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o I\_\_\_\_\_\_ audit outsourcing services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit o\_\_\_\_\_\_\_\_ing services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o M\_\_\_\_\_\_\_\_\_ functions or human resources.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or h\_\_\_\_ resources.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
o B\_\_\_er or d\_\_\_ler investment advisor or investment banking services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer investment advisor or investment banking services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer i\_\_\_\_\_\_\_\_\_ advisor or investment banking services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer investment advisor or investment banking services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer investment advisor or investment b\_\_\_ing services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer investment advisor or investment banking services.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer investment advisor or investment banking services.
o L\_\_\_\_ services and expert services that are unrelated to the audit.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer investment advisor or investment banking services.
o Legal services and expert services that are unrelated to the audit.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer investment advisor or investment banking services.
o Legal services and expert services that are un\_\_\_\_\_ed to the audit.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer investment advisor or investment banking services.
o Legal services and expert services that are unrelated to the audit.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer investment advisor or investment banking services.
o Legal services and e\_\_\_\_\_t services that are unrelated to the audit.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer investment advisor or investment banking services.
o Legal services and expert services that are unrelated to the audit.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines imp\_\_\_\_\_\_\_\_ble.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ T\_\_ services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ Tax services are still permissible if pre\_\_\_\_\_\_\_ed by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit co\_\_\_\_\_\_\_ee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the \_\_\_.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to p\_\_\_\_\_ companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to non\_\_\_\_\_ clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from pro___ing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or valuation services, or providing fairness opinions or contribution-in-kind reports.
o Actuarial services.
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer investment advisor or investment banking services.
o Legal services and expert services that are unrelated to the audit.
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – PROHIBITS any registered public accounting firm from providing the following non-audit services to Audit clients:
o Bookkeeping or other services related to the accounting records.
o Financial info systems design or implementation.
o Appraisal or valuation services, or providing fairness opinions or contribution-in-kind reports.
o Actuarial services.
o Internal audit outsourcing services.
o Management functions or human resources.
o Broker or dealer investment advisor or investment banking services.
o Legal services and expert services that are unrelated to the audit.
o Any other service the board determines impermissible.
▪ Tax services are still permissible if preapproved by the audit committee and disclosed to the SEC.
▪ May still perform these services to nonaudit clients or to private companies.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – Prohibits any registered public accounting firm from providing the following non-a____ services to Audit clients:
Bookkeeping,
Financial info system design or implementation,
Appraisal or valuation services,
Actuarial services,
Internal audit outsourcing,
Management functions or HR,
Broker or dealer investment advisor or investment banking services,
Legal services
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 201 – Prohibits any registered public accounting firm from providing the following non-audit services to Audit clients:
Bookkeeping,
Financial info system design or implementation,
Appraisal or valuation services,
Actuarial services,
Internal audit outsourcing,
Management functions or HR,
Broker or dealer investment advisor or investment banking services,
Legal services
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 202 – Requires the issuer’s audit committee to pre_______ all auditing and non-auditing services to be provided to an issuer.
Sarbanes-Oxley Act (SOX)
Title II – Auditor Independence
• 202 – Requires the issuer’s audit committee to preapprove all auditing and non-auditing services to be provided to an issuer.
