The Auditor's Responsibilities Regarding Fraud and Mechanisms to Adress Fraud: Regulation and Corporate Governance
4 important questions on The Auditor's Responsibilities Regarding Fraud and Mechanisms to Adress Fraud: Regulation and Corporate Governance
Fraudulent financial reporting
In which areas did Enron had problems and failures?
- Corporate Governance
- Accounting Rules
- The Financial Analyst Community
- Banking and Investment Banking
- The External Auditing Profession and Arthur Andersen
Sarbanes-Oxley Act of 2000
- It prevents audit firms from providing many consulting services to audit clients
- It significantly expand the power, responsibilities and disclosures of corporate audit committees, thereby adressing concerns over weak corporate governance. Audit committees are directly responsible for the oversight of the company's external auditors and have the power to hire and fire the auditors
- It requires management assessment and external audit firm attestation regarding the effectiveness of itnernal control over financial reporting
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Corporate governance mosaic
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