Assignment 1: SOX Regulations
Due Week 2 and worth 240 points
Review the Student Guide to Sarbanes-Oxley Act (SOX) located in Week 1 of the course shell, and other current activity or trends related to SOX compliance and implementation for publically traded companies.
Write a five to seven (5-7) page paper in which you:
Assess the sections of SOX, indicating the sections that you believe have the most impact on companies. Provide support for your rationale.
Assess the sections of SOX, indicating those sections that have the greatest impact on the external auditor. Provide support for your rationale.
Evaluate the external auditors’ response options requesting the external auditor to limit testing and the scope of an audit engagement by giving consideration to the ethical requirements and the auditor’s responsibility imposed by the Public Company Accounting Oversight Board (PCAOB). Recommend that based option providing a justification for your recommendation.
Evaluate the cost / benefit ratio for most companies required to comply with SOX. Indicate whether the benefits are equivalent to the cost for minimizing the risk of accounting fraud. Provide support for your analysis.
Use at least three (3) quality resources in this assignment.Note: Wikipedia and similar Websites do not qualify as quality resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Assess the impact of the Sarbanes-Oxley Act and other regulatory requirements on the ability of public accounting firms and professionals’ ability to provide advisory services.
Use technology and information resources to research issues in emerging auditing technologies.
Write clearly and concisely about emerging auditing technologies using proper writing mechanics