CPA a interview question Get his or her take on the below concept. Has SOX compliance...

CPA a interview question

Get his or her take on the below concept.

Has SOX compliance changed the practice of accounting?

Expert Solution

Yes, SOX has changed the practice of accounting in following ways:

The Sarbanes-Oxley Act changes management's responsibility for financial reporting significantly. The act requires that top managers personally certify the accuracy of financial reports.
The Sarbanes-Oxley Act significantly strengthens the disclosure requirement. Public companies are required to disclose any material off-balance sheetarrangements, such as operating leases and special purposes entities.
It requires public companies to perform extensive internal control tests and include an internal control report with their annual audits. Testing and documenting manual and automated controls in financial reporting requires enormous effort and involvement of not only external accountants, but also experienced IT personnel.

ekkarill92 answered 2 years ago

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