Sarbanes-Oxley and the law of unintended consequences

Article Abstract:

The US-based Sarbanes-Oxley (SOX) has demanded that auditors go back to basics and stop cutting corners by invoking 'risk-based strategic systems methodologies'. SOX requires CEO's and financial officers to acknowledge by signature their personal responsibility for the accounts and creates an oversight superstructure for auditors, which prohibits their engagement as consultants.

United States

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Esoteric accounting: It's tough for auditors

Article Abstract:

Auditors face unconventional situations in their practice was studied as accounting rules moved into the domain of academic fantasy. It was observed that the reporting rules were getting increasingly complex due to which auditing difficulties were compounded and even at the basic level auditors could get it wrong.

United Kingdom, Interpretation and construction, Accounting, Accounting law

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