Summary: Business Law
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Read the summary and the most important questions on Business Law
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Chapter 27
This is a preview. There are 25 more flashcards available for chapter 14/02/2017
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Sarbanes-Oxley Act of 2002
public company accounting oversight board (PCAOB) regulates public accounting firms
ensures investors get all financial info -
Reports Audit Committee
under SOX, auditors must report to audit committee of client's board of directors -
Consolidation in the Accounting Profession
4 firms audit 98% of all US companies with revenues over $1 billion -
Liability for Qualified Opinions
less than clean opinion must be issued for right reasons -
Securities Act of 1933
§liable for any material misstatement or omission in the financial statement that they prepare for a registration statement -
Securities Exchange Act of 1934
auditor who makes a false or misleading statement in a required filing is liable to any buyer or seller of the stock who had acted in reliance on the statement -
The Accountant – Client Relationship
§An auditor or her family must not, for example, maintain a financial or business relationship with a client -
Chapter 28
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elements not required for agency relationship
written argument, formal agreement, compensation -
equal dignities rule
agent empowered to enter contract in writing, appointment of agent must be written -
conflict of interest between two principals
unless agreed, agent may not act for two principals whose interests conflict
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