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In this assignment you will assess the pros and cons of the Sarbanes-Oxley Act of 2002.
Criticism of sarbanes-oxley act 2002 do not believe the act will be effective at deterring accounting frauds because it primarily relies on specifying new crimes and higher penalties( increasing the maximum fine and prison terms). Critics argue that if corporate executives are not deterred by the prospect of 5 or 10 years in prison (pre-Sarbanes penalties), the threat of imprisonment will have little or no practical effect no matter what the maximum is raised to. Thus, critics conclude that the Act was more of an expression of political outrage than good policy. Proponents of the Act believe the new crimes, increased penalties, and the other provisions in the Act will be effective at significantly reducing corporate accounting frauds.
Required: Provide arguments for both sides of the debate and formulate your own opinion.
Objectives: understanding planning stage of the audit process: review of client business and perform audit risk analysis(applicable textbook chapters 4, 5 and 6)
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Public accounting firms are sometimes grouped into categories of local firms, regional firms, national firms, and international firms. Explain briefly the characteristics of each. Include in your answer the types of services stressed in each group.
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