Essay: Accounting Firms

Sample Essay

Words 1,540

This essay is on accounting firms. The rules require accounting firms to retain for seven years work papers and other specified documents and records related to the audit or review of an issuer’s financial statements.

33-8183 Strengthening the Commission’s Requirements Regarding Auditor Independence

The release sets forth amendments to the existing requirements regulating auditor independence as part of the implementation of Sections 208(a) and 802 of the Sarbanes-Oxley Act. This article explains a section 201(a) of the Sarbanes-Oxley Act and the final rules set forth in the release that prohibit an auditor from providing the different types of non-audit services to an audit client, those are subject to various exceptions and qualifications. Read the article to get the details of exceptions and qualifications. The rule provides that auditors may provide tax services to audit clients, subject to audit committee pre-approval.

33-8180 Retention of Records Relevant to Audits and Reviews

The rules require accounting firms to retain for seven years work papers and other specified documents and records related to the audit or review of an issuer’s financial statements. The new rules will apply to records relating to audits or reviews completed after October 31, 2003. The rule requires auditors to retain records relevant to an audit or review, including  “workpapers and other documents that form the basis of the audit or review” and (ii) “memoranda, correspondence, communications, other documents and records (including electronic records),

338177 Disclosure Required by Sections 406 and 407 of the Sarbanes-Oxley Act of 2002
This final rule requires reporting companies to reveal whether at least one person

on the audit committee is a “financial expert”; and whether the company has adopted

a system of ethics for senior financial management. The final rules are effective 30 days after publication in the Federal Register. Companies are required to provide the new disclosures in annual reports for fiscal years ending on or after July 15, 2003. Small business issuers, however, are not required to provide the audit committee financial expert disclosure until their annual reports for fiscal years ending on or after December 15, 2003.

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