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Sox Section 201

 Essay about Sox Section 201

§201 of the Sarbanes-Oxley Act of 2002 identifies those activities which a public accounting firm are not able to do if they happen to be performing an audit to get a company. The firm cannot provide: " (1) accounting or different services associated with the accounting records or financial assertions of the taxation client; (2) financial info systems design and style and setup; (3) appraisal or value services, fairness opinions, or perhaps contribution-in-kind reviews; (4) actuarial services; (5) internal taxation outsourcing providers; (6) supervision functions or perhaps human resources; (7) broker or dealer, investment adviser, or investment financial services; (8) legal services and experienced services unrelated to the examine; and (9) any other service that the Panel determines, by regulation, is definitely impermissible” (Sarbanes-Oxley Act of 2002 §201).

Some causes a firm are able to perform equally audit and also other assurance companies for the same organization could include: •Performing the internal and external taxation functions could help to eliminate mistakes that would cause material misstatements. •Providing assist with the company in terms of its accounting system could help to decrease time required throughout the audit. •Valuation services furnished by the examine firm may help to reduce errors in financial musical instruments.

Reasons which a firm should not perform taxation and other, distinct functions can include: •The AICPA Code of Specialist Conduct maintains that there should be independence in terms of attestation companies. Performing equally types of services would severely limit independence. •Having too much affect in a business by executing audit, internal audit, and management asking services could be of great concern if legal action was, for some reason, brought against the firm.

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