Sarbanes-Oxley Act – NBC Institute

AAA – Nov 2011 – L3 – SB – Q2 – Regulatory Framework and Professional Standards

Overview and impact of the Sarbanes-Oxley Act on corporate accountability and self-regulation.

Question

The Sarbanes-Oxley Act of 2002, enacted in the United States to guide and regulate the work of accountants and auditors, raised issues about the culture of self-regulation in the accounting profession.

You are required to:

(a) State the reason for its enactment and issues covered therein.
(2 Marks)

(b) State its main provisions that relate to corporate accountability.
(8 Marks)

Answer

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Tags: Corporate Accountability, Corporate Scandals, Public Companies, Sarbanes-Oxley Act, Self-regulation
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

MGE – May 2018 – L2 – Q2 – Corporate Governance

Discusses corporate governance, approaches, and key aspects of the Sarbanes-Oxley Act.

Question

Since the onset of the global economic crises of 2008 that led to the collapse of many corporations across the world, there has been a heightened demand for companies to have good and effective corporate governance structures.

a. Discuss the importance of effective corporate governance codes to corporations. (5 Marks)

b. Explain the TWO basic approaches of corporate governance and specify the one you consider to be more acceptable. (10 Marks)

c. Identify FIVE of the main governance aspects of the Sarbanes-Oxley Act. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Governance, Governance Codes, Principles-Based Approach, Rules-Based Approach, Sarbanes-Oxley Act
Level: Level 2

Topic: Corporate Governance
Series: MAY 2018

AAA – April 2022 – L3 – Q5a – Professional responsibility and liability

Discuss non-audit services that could lead to a conflict of interest or impair the independence of an auditor.

Question

Companies Act, 2019 (Act 992) section 143 (2) states among others that a company, person, or firm that carries out duties of an auditor should ensure that the personal judgment of the auditor is not impaired by reason of any relationship with a client that will result in a conflict of interest.

Some governance experts consider the provision of non-audit services to audit clients as an example of conflict of interest and could impair the firm’s independence.

Required: In reference to the above concern, discuss FOUR (4) non-audit services that could lead to conflict of interest or impair the independence of an Auditor. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Independence, Conflict of Interest, Ethical Standards, Non-Audit Services, Sarbanes-Oxley Act
Level: Level 3

Topic: Professional responsibility and liability
Series: APR 2022

AAA – Nov 2011 – L3 – SB – Q2 – Regulatory Framework and Professional Standards

Overview and impact of the Sarbanes-Oxley Act on corporate accountability and self-regulation.

Question

You are required to:

(a) State the reason for its enactment and issues covered therein.
(2 Marks)

(b) State its main provisions that relate to corporate accountability.
(8 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Accountability, Corporate Scandals, Public Companies, Sarbanes-Oxley Act, Self-regulation
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

MGE – May 2018 – L2 – Q2 – Corporate Governance

Discusses corporate governance, approaches, and key aspects of the Sarbanes-Oxley Act.

Question

a. Discuss the importance of effective corporate governance codes to corporations. (5 Marks)

b. Explain the TWO basic approaches of corporate governance and specify the one you consider to be more acceptable. (10 Marks)

c. Identify FIVE of the main governance aspects of the Sarbanes-Oxley Act. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Governance, Governance Codes, Principles-Based Approach, Rules-Based Approach, Sarbanes-Oxley Act
Level: Level 2

Topic: Corporate Governance
Series: MAY 2018

AAA – April 2022 – L3 – Q5a – Professional responsibility and liability

Discuss non-audit services that could lead to a conflict of interest or impair the independence of an auditor.

Question

Some governance experts consider the provision of non-audit services to audit clients as an example of conflict of interest and could impair the firm’s independence.

Required: In reference to the above concern, discuss FOUR (4) non-audit services that could lead to conflict of interest or impair the independence of an Auditor. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Independence, Conflict of Interest, Ethical Standards, Non-Audit Services, Sarbanes-Oxley Act
Level: Level 3

Topic: Professional responsibility and liability
Series: APR 2022

Question Tag: Sarbanes-Oxley Act

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AAA – Nov 2011 – L3 – SB – Q2 – Regulatory Framework and Professional Standards

Overview and impact of the Sarbanes-Oxley Act on corporate accountability and self-regulation.

MGE – May 2018 – L2 – Q2 – Corporate Governance

Discusses corporate governance, approaches, and key aspects of the Sarbanes-Oxley Act.

AAA – April 2022 – L3 – Q5a – Professional responsibility and liability

Discuss non-audit services that could lead to a conflict of interest or impair the independence of an auditor.

AAA – Nov 2011 – L3 – SB – Q2 – Regulatory Framework and Professional Standards

Overview and impact of the Sarbanes-Oxley Act on corporate accountability and self-regulation.

MGE – May 2018 – L2 – Q2 – Corporate Governance

Discusses corporate governance, approaches, and key aspects of the Sarbanes-Oxley Act.

AAA – April 2022 – L3 – Q5a – Professional responsibility and liability

Discuss non-audit services that could lead to a conflict of interest or impair the independence of an auditor.

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Question Tag: Sarbanes-Oxley Act

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AAA – Nov 2011 – L3 – SB – Q2 – Regulatory Framework and Professional Standards

Overview and impact of the Sarbanes-Oxley Act on corporate accountability and self-regulation.

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MGE – May 2018 – L2 – Q2 – Corporate Governance

Discusses corporate governance, approaches, and key aspects of the Sarbanes-Oxley Act.

You're reporting an error for "MGE – May 2018 – L2 – Q2 – Corporate Governance"

AAA – April 2022 – L3 – Q5a – Professional responsibility and liability

Discuss non-audit services that could lead to a conflict of interest or impair the independence of an auditor.

You're reporting an error for "AAA – April 2022 – L3 – Q5a – Professional responsibility and liability"

AAA – Nov 2011 – L3 – SB – Q2 – Regulatory Framework and Professional Standards

Overview and impact of the Sarbanes-Oxley Act on corporate accountability and self-regulation.

You're reporting an error for "AAA – Nov 2011 – L3 – SB – Q2 – Regulatory Framework and Professional Standards"

MGE – May 2018 – L2 – Q2 – Corporate Governance

Discusses corporate governance, approaches, and key aspects of the Sarbanes-Oxley Act.

You're reporting an error for "MGE – May 2018 – L2 – Q2 – Corporate Governance"

AAA – April 2022 – L3 – Q5a – Professional responsibility and liability

Discuss non-audit services that could lead to a conflict of interest or impair the independence of an auditor.

You're reporting an error for "AAA – April 2022 – L3 – Q5a – Professional responsibility and liability"

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