A public corporation must change its lead auditing firm

A public corporation must change its lead auditing firm

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The Sarbanes-Oxley Act (SOX) was enacted in July 2002 to restore investor trust in the financial markets and close loopholes that allowed public corporations to defraud investors after a long period of corporate scandals in the United States (e.g., Enron and Worldcom) from 2000 to 2002. The act has a major influence on corporate governance in the United States. The Sarbanes-Oxley Act mandates that public corporations enhance audit committees, conduct internal controls checks, hold directors and officers individually responsible for financial statement accuracy, and improve transparency. The Sarbanes-Oxley Act also raises the fines for securities fraud and changes the way public accounting firms work.

#25. sarbanes-oxley act (2002) on corporate governance in

For verification, this article needs further citations. Please contribute to the progress of this article by referencing reputable sources. It is likely that unsourced content would be questioned and withdrawn. Locate sources: “Public Company Accounting Oversight Board” – JSTOR – news, media, books, and scholars (August 2008) (To find out when and how to delete this template post, read the instructions at the bottom of this page.)
The PCAOB is a nonprofit organization established by the Sarbanes–Oxley Act of 2002 to oversee audits of public corporations and other issuers in order to protect investors’ interests and advance the public interest in the preparation of detailed, reliable, and independent audit reports. To protect investors, the PCAOB also oversees broker-dealer audits, as well as enforcement reports submitted under federal securities laws. The Securities and Exchange Commission must accept all PCAOB rules and standards (SEC).
For the first time in history, the Sarbanes-Oxley Act established the Public Company Accounting Oversight Board (PCAOB), which mandated auditors of publicly traded corporations in the United States to be subject to external and independent oversight. Previously, the profession was left to its own devices. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 gave the PCAOB expanded regulatory power over audits of brokers and dealers registered with the SEC. [nine]

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Every five years, a public company must replace its lead auditing firm.

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The Sarbanes-Oxley Act is a federal statute that requires businesses to change their financial practices. The Sarbanes-Oxley Act of 2002 targets publicly traded businesses, their internal financial controls, and external auditing firms’ financial reporting audit procedures.
The act was enacted in response to a series of corporate accounting scandals between 2000 and 2002. This act established new requirements for public accounting firms, corporate management, and corporate boards of directors in response to systemic fraud at Enron and other companies.
A major scandal involving the public firm Enron demonstrated to the American public and their representatives in Congress that new public accounting and auditing enforcement requirements were desperately needed. Enron was one of the largest, and one of the most financially stable, corporations in the United States.
Enron, based in Houston, Texas, was one of a new generation of American corporations involved in a number of energy-related ventures. Until declaring bankruptcy in 2001, it bought and sold gas and oil futures, developed oil refineries and power plants, and grew to be one of the world’s largest pulp and paper, gas, energy, and communications firms.