KCI등재
사베인스-옥슬리법(Sarbanes-Oxley Act)의 비판적 고찰 = Critical Study of Sarbanes-Oxley Act
저자
발행기관
학술지명
권호사항
발행연도
2003
작성언어
-주제어
KDC
300
등재정보
KCI등재
자료형태
학술저널
발행기관 URL
수록면
743-803(61쪽)
제공처
Last July 30, 2002, President Bush signed the Sarbanes-Oxley Act (the SOA) into law. The SOA was approved by the US Congress due to corporate governance abuses and accounting scandal, and is the most sweeping changes for the US public companies since the Depression-era legislation that is the center of the US securities legislation. Some of the SOA`s provisions are instantly effective, however, most provisions need rulemaking by the Securities and Exchange Commission (theSEC). Moreover, lots of the SOA`s provisions are not clear, and the meaning of them may be clarified by judicial proceedings in the near future. This paper will evaluate and critique the whole provisions oft he SOA focused on the corporate governance and accounting policy. First, audit committees are responsible to appoint, compensate and oversight public accounting firm of the issuers concerned. It will be composed by independent members of the board of directors. The members must not accept any consulting, advisory or other compensatory fee from the issuers concerned except in their capacity as members of the board, or be an affiliated person of the issuer or any subsidiary of issuer. However, the members may engage independent counsel and other advisers. In addition, audit committees must have one financial expert at least. External auditor must report to the audit committee and critical accounting policy. Second, the chief executive officer (the CEO) and the chief financial officer (the CFO) must certify in each annual report with Form 10-K or quarterly report with Form 10-Q that: (1)the officers have reviewed the report concerned, (2) based on the officers` knowledge, the report does not have any untrue statement of material fact, (3) based on the officers` knowledge, financial information in the report fairly present the financial condition of the issuer concerned, (4) the officers are responsible for having internal controls, have designed such internals controls to make known to such officers all material information of the issuer concerned, and have evaluated the effectiveness of the internal controls within 90 days prior to the report, (5) the officers have disclosed to issuer`s auditors and audit committee: (a) all deficiencies of the internal controls, and (b) any fraud that involves management or other employees who have significant role in Issuer`s internal controls. Third, attorneys must report evidence of material violation of securities laws or breach of fiduciary duty by issuer of its agents to general counsel or chief executive officer, and if they do not appropriately respond, to the audit committee, or any independent committee, or to the full board. If at the end of the chain, there is no adequate response, legal counsels must make a noisy withdrawal by notifying the SEC in writing their decision to withdraw for professional consideration. Fourth, the SOA created the Public Company Accounting Oversight Board (the PCAOB), a private non-profit corporation, to supervise public accounting firms that provide audit services. The PCAOB is supervised by the SEC and will prepare auditing standards requiring to maintain work papers for at least seven years, and to require for a concurring or second partner review of the audit report concerned. Foreign public accounting firms that prepare or furnish audit reports in connection to any issuer are subject to the SOA, the rule of the PCAOB, and the SEC. Fifth, the SOA requires registered public accounting firms to change the audit and review partners for an issuer every five years. Sixth, the SOA creates the Standard Setting Board (the SSB) so called Financial Accounting Standards Board (the FAS8) and requires it to be organized as a private entity and to have a board of trustees, the majority of whom are not and have not been associated persons at a registered public accounting firm during the prior two years. The SOA also requires the SSB to adopt procedures to ensure prompt
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