Business Articles
401: Suggested Sarbanes-Oxley Training
A lot of agencies, educations institutions, and professional bodies have started imparting Sarbanes-Oxley training. There are even online courses available on the net which give training on how to comply with the Sarbanes-Oxley Act. Companies, big or small, all have to mandatorily comply with the regulations contained in the Sarbanes-Oxley Act while presenting the financial statements. Smaller companies normally get things moving with a generalized training for all the executives at one sitting with an additional sitting for the IT department to take care of the IT needs under the Sarbanes-Oxley Act.
402: Need for Sarbanes-Oxley Training
Why could anyone require professional training for ensuring compliances of just a law of the land? This question is asked by many people who are ignorant of the complexities involved in compliance of the Sarbanes-Oxley Act. This Act, popularly called SOX also, is undoubtedly one piece of legislation which is most comprehensive, well drafted with water tight controls but a law the complexities of which leave the best of the professional gaping for air. It is one of the most complex legislation ever written.
403: General Guidelines of the Sarbanes-Oxley Act
Sarbanes-Oxley Act has permanently changed the way the American CPA prepare the statement showing financial information about any company or the manner in which the corporate present their financial data to the public.
After the failure of WorldCom and Enron, which shook the confidence of the investing public in corporate America, the government enacted the Sarbanes-Oxley Act which was authored by Paul Sarbanes and Mike Oxley. The way all public companies were required to do business and how they reported what they did was changed for ever by the Sarbanes-Oxley Act.
After the failure of WorldCom and Enron, which shook the confidence of the investing public in corporate America, the government enacted the Sarbanes-Oxley Act which was authored by Paul Sarbanes and Mike Oxley. The way all public companies were required to do business and how they reported what they did was changed for ever by the Sarbanes-Oxley Act.
404: Why a SAS-70 report is required
SAS-70 report is issued by a Service auditor to enable a user auditor to prepare his report on the financial statements of a user organization which is using the services of the service organization. The service organization’s disclosures as to its internal control processes and procedures in respect to the data belonging to the user organization. The service auditors report under SAS-70 must give his honest opinion on the effectiveness and adequacy of the internal controls disclosed by the service organizations.
405: Who does SAS-70 Audit
Only an independent certified public accountant (CPA) or firms of CPAs are allowed under the US regulations to conduct the SAS-70 audit. While performing the SAS-70 audit the CPA/CPA forms must ensure that they follow the strict specific standard enforced by the American Institute of Certified Public Accountants (AICPA). The CPA/CPA firms are obliged to follow the guidelines issued by the AICPA in respect of planning and execution and thereafter supervision of the auditing procedures to be followed.
406: Service Audit Report
How does a service organization disclose the internal controls which have been implemented in the organization to its customers who require a reliable report on the effectiveness of the internal controls practiced by the service organization? The audit report under SAS-70 fulfills this requirement. SAS-70 lays down procedures and guidelines for the service organizations in the manner which the disclosures are to be made and the service auditor issues his report containing his opinion after conducting audit under the guidelines of SAS-70.
407: SAS-70 vs. ISO9000
How often we have thought that what is the difference in getting the SAS-70 audit done or getting the audit under ISO 9000 done? This is a usual question which comes in to the mind of all CEO of the service organizations who are contemplating of obtaining a SAS-70 audit report. We need to understand the differences between the ISO 9000 and SAS-70 standards. SAS-70 is an auditing standard issued by American Institute of Certified Public Accountants (AICPA) which governs and sets the guidelines of how disclosures are required to be made on the efficiency and effectiveness of internal control procedures at a service organization with respect to processing and handling of data belonging to customers.
408: SAS-70 – Auditors Contributions
Apart from helping the service organization in the preparation of the details of disclosures in respect of internal controls being practiced at the organization which usually include all the aspects of the service organization's internal control environment; processes used for risk assessment; communication and information control processes; and monitoring of those processes which may directly affect the services provided to the customer organizations, as far as it relates to the audit of their financial statements.
409: Tips To Make Money On The Internet
Online or internet gives you the best opportunity to make money online. You can earn money with the various opportunities offered by online which are also easy to follow. In today technology era, there are numerous ways to make online money which you can start sitting comfortably at your home without investing huge money. By following the rewarding tips you can get started your own business at home and earn good amount of money. The basic is to collect information that is available free on various websites.
410: SAS-70 Audit Coverage
The entire of organization of the service provider is not covered under as SAS-70 audit. Only those departments which are directly handling the data belonging to a customer user organization are required to be covered under the SAS-70 Audit. The SAS-70 audit has to focus only on these portions of the service organizations and the service auditor’s reports are usually customized to describe and identify its coverage under such circumstances. The audit report must specify the areas covered under the audit process.
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