[DOWNLOAD] "The Tally Stick: The First Internal Control?" by The Forensic Examiner * Book PDF Kindle ePub Free

eBook details

Title: The Tally Stick: The First Internal Control?
Author : The Forensic Examiner
Release Date : January 22, 2008
Genre: Health & Fitness,Books,Health, Mind & Body,
Pages : * pages
Size : 180 KB

Description

[ILLUSTRATION OMITTED] One of the most important aspects of the Sarbanes-Oxley Act of 2002 (SOX), the most significant securities legislation passed since the Securities Exchange Act of 1934, is the strong emphasis on an effective system of internal control. Under SOX, all public companies are required to have an adequate system of internal control, and company officers who fail to comply are subject to fines and even imprisonment. SOX section 404 requires companies to include a report of management on the company's internal control over financial reporting in their annual reports. In addition, SOX requires companies to develop sound principles of control over financial reporting and continually assess that these controls are working. Finally, external auditors are required to present a report attesting to the level of internal control. The internal control requirements of SOX mean that external and internal auditors must understand how internal controls are designed and operated so that they can be assured that the controls have been implemented.