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Corporate Control and Governance

S/F/63. New Era of Corporate Governance and How it Relates to Auditors Professional Code of Ethics

WORDS:
1600
DATE:
2004
PRICE:
19.99 GBP

This article discusses the need for corporate governance, which has been necessitated by the attitude of certain executives shrugging off their responsibility for the dubious activities of their companies. In order to remedy this situation, the Sarbanes-Oxley Act of 2002 had been enacted. This act envisages a number of steps to strengthen internal checks and balances and to enhance accountability standards. Internal Control has been given due importance along with the reliability of financial reporting and adherence to normal code of ethics in actual practice. Of late, there have been a series of scandals and eye-opening revelations about how financial statements are being misrepresented by companies even in the capital markets of the developed world, not to mention the deteriorating situation in the developing countries. Corporate governance has assumed greater importance due to fragile legal systems, poor information facilities, rampant corruption and mistrust. In this Act, great stress has been laid for strengthening the internal audit system and efforts have been made to allow the external and internal audit boards to have enough freedom of speech to interact with the management staff on a confidential basis. The provisions of this new regulation do not allow the external auditor to provide internal audit outsourcing and some other non-audit services to its clients. This Act has made the jobs of CEOs and CFOs tougher by making them an integral part of the audit committee so that they are responsible for the establishment, evaluation and monitoring of the effectiveness of internal control over financial reporting processes. Read on to find out more about these aspects and the reasons for practicability of ?code of ethics in accounting process.

 

KEYWORDS: f, era, corporate, governance, relates, auditors, professional, code, ethics,

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Thank you. Very helpful service. You should get even more papers for your archive! Joe