hkgfkfljhfghjkffhhhkhgfhgfjdsytfgiug egvdbgfbfgdfssdvbdsfsdvxm,;lcmmncxlxnc,sdnclxz ,x .dmclkdsjflksdjfg b fhthethregTHE EFFECTS OF THE SARBANES-OXLEY ACT AND CANADIAN EQUIVALENT, BILL 198/CSA RULES, ON CANADIAN CROSS-LISTED STOCKS Ben Amoako-Adu * Financial Services Research Centre School of Business and Economics Wilfrid Laurier University Waterloo, Ontario, Canada N2L 3C5 Telephone: (519)-884-0710 x 2327 Email: bamoako@wlu.ca Vishaal Baulkaran Financial Services Research Centre
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clients may impair objectivity and independence. Implications- auditor may not qualify the audit report when qualification is required because this will upset client who may move to another audit firm and thus cause loss of significant income. Safeguards Do not accept certain assignments. Resign from certain assignments. Do not stand for reappointment as auditor. Reduce non audit work with a view to control gross practice income from that particular client. As a general
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Memo: Why do Audits Fail? Evidence from Lincoln Savings and Loan This study done by Merle Erickson, Brian Mayhew, and William Felix describes and examines the audit procedures applied to a set of material transactions from the Lincoln Savings and Loan audit failure. They suggest alternative procedures, based on information available to the auditors at the time of the LSL audit. The study also provides a starting point for future research to evaluate the conclusions reached using more controlled
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overarching questions: What kind of accountability framework could regulators use to (a) motivate auditors to improve audit quality, and (b) evaluate how well auditors have carried out their duties? We draw on research in accounting, economics, psychology, and neuroscience to critique the accountabilities, incentives, and learning opportunities embedded in auditors’ extant regulatory environment. We first establish that forward-looking estimates are the basis for most financial statement information and
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company that we will look at for examples is WorldCom. WorldCom was one of the companies that led to the creation of the Sarbanes-Oxley Act of 2002. The five questions that we will address in this paper are: 1. Is current business and regulatory environment more conducive to ethical behavior? 2. What impact was done to WorldCom because of the accounting ethical breach? 3. How was WorldCom caught and how they failed to be ethical? 4. What accounts were impacted and the resulting impact
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a) its organizational environment, changes in that environment, and the risks associated with that environment, * b) its varying needs, * c) its particular objectives, * d) the products it provides, * e) the processes it employs, * f) its size and organizational structure. This International Standard can be used by internal and external parties, including certification bodies, to assess the organization's ability to meet customer, statutory and regulatory requirements applicable
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are the proportion of independent directors to total number of directors on the board, the existence of a voluntary audit committee, the existence of dominant personalities (CEO/Chairman duality), and the percentage of family members on the board. Using a weighted relative disclosure index for measuring voluntary disclosure, the results indicate that the existence of an audit committee is significantly and positively related to the extent of voluntary disclosure, while the percentage of family
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management after the scandals of WorldCom, Enron, and others. Sarbanes-Oxley has influenced the liabilities and responsibilities of Board of Directors, Corporate Executives, Auditors, Audit Committees, and Analysts (Advantages and Disadvantages, 2012). The strength of the act is companies have better internal control environment. This will lead to more accurate information being available to investors who are more confident in making investing decisions. All participants in financial reporting have increased
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Introduction All internal audits carried out are carried out in compliance with Internal company standards and procedrues has been assessed by the National Safety Authority (Railway Safety Commission) as part of the submission for safety certification under Commission Regulation 1158/2010. Our internal audit processes meets the requirements of section S of the Common Safety Method Directive (CSM) by demonstrating that there is an auditing system that is • Independent • Impartial and transparent
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Synopsis In the interactive simulation in negligence regulatory compliance, Alumina Inc. is an aluminum producing company that operates in eight countries around the world. The company has business interests in automotive components, the manufacturing of packaging materials, bauxite mining, alumina refining, and aluminum smelting. Although Alumina operates in many countries, the United States accounts for nearly 70% of Alumina’s sales figures. (UoP, 2002 ) Five years ago, in a routine Environmental
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