Write a 1 1/2 - 2 page member to a team member in your company that is not an auditor.
This person does not understand what SOX is and does not know what role the SEC plays in the audit profession.
They have never heard of the AICPA! Please explain what SOX is and the effects of it on the auditing profession.
In addition, provide an overview of the role of SEC in the accounting and auditing profession.
Finally describe what the AICPA is and does for the accounting and auditing profession.
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SOX Act and its impact on auditing professionThe SOX Act (Sarbanes Oxley Act) of 2002 was signed on July 30, 2002 in order to regulate the auditing profession at large and impacted all corporations irrespective of their size. The main aim was to maintain the independence of the auditing profession and ensure that the auditors do not have any relation with the management to accept their terms. The auditors would not report to the management, but they would report to the Audit Committee. All the services which are provided by the auditor should be approved by the Audit Committee....
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