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1、TheEffectofSOXonInternalControl,RiskManagement,andCorporateGovernanceBestPracticebyDavidA.DoneyExecutiveSummary?TheeffectoftheSarbanes–OxleyActof2002(SOX)hasbeendramaticandglobal.SOXenhancedtheregulatoryframeworkforinvestorprotectionandconfidence.?SOXhasrequiredorenc
2、ouragedavarietyofbestpracticesrelatedtomanagementaccountability,auditorindependence,auditcommittees,internalcontrolreporting,riskmanagement,andimprovementoffinancialprocesses.?Oneoftheimportantcontributionsoftheregulatoryguidanceisthe“top-downrisk-basedassessment,”ar
3、obustframeworkforidentifyingandassessingfinancialreportingrisks.?Complianceapproaches,benefits,andcostscontinuetoevolveaspracticeandregulatoryguidancechange.IntroductionTheSarbanes–OxleyActof2002waspassedinthecontextofaseriesofhigh-profilecorporatescandals,abriefrece
4、ssion,andtheeventsof9/11.ThesefactorswerecitedbyPresidentGeorgeW.BushasathreattoinvestorconfidenceandtheUSeconomyoverall.Healsodeclared:“Thislawsaystoeverydishonestcorporateleader:youwillbeexposedandpunished;theeraoflowstandardsandfalseprofitsisover;no1boardroominAme
5、ricaisaboveorbeyondthelaw.”USSenatorPaulSarbanesstatedthatduringthedevelopmentofthelaw,aseriesofSenatehearingswithexpertsfrombusiness,government,andacademiaresultedina“remarkableconsensusonthenatureofthe2problems.”Theseincludedinadequateoversightoftheaccountingprofes
6、sion,conflictsofinterestinvolvingauditorsandstockanalysts,weakcorporategovernanceprocedures,inadequatedisclosurerules,andinsufficientfundingfortheSecuritiesandExchangeCommission(SEC).TheSOXlaw,correspondingguidancefromregulators,andevolvingapproachestoimplementationh
7、averesultedinavarietyofinternalcontrol,riskmanagement,andcorporategovernancebestpractices.HoldManagementAccountableThelawrequiresthattheCEOandCFOsigncertificationsquarterlyandannuallyattestingthattheyhavereviewedthefinancialstatementsand(totheirknowledge)believethemt
8、obefair,accurate,andcomplete.Penaltiesforfraudulentcertificationaresevere.Thisrequirementhasencouragedsuchbestpracticesas:?Disclosu
