Sample Essay

Any public accounting firm has to meet the approval of the audit committee. Also, it is not permitted to hire outside auditors for internal audit, managing information systems or other services of consultants that are unrelated to the audit. Auditor has to make an analysis of the internal control structure and provide a detailed conclusion to the audit committee. Moreover, foreign firms are also required to follow similar regulations if those firms are supplying any consultancy or advisory services in tandem with audits.

This is not easy as these firms have been supplying services for many years with differing methodologies and mindsets. With the implementation of SOX, a great deal of time and money will be used and a lot of change in both work methods and ideals will be needed. SOX explicitly states that the main purpose of the act is to revive the enthusiasm and confidence of the investors relating to the stock market and implement and enhance corporate government procedures and encourage ethics and impose transparency and comprehensiveness of the financial reporting procedure (Donaldson, 2003).

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