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Principles-based accounting standards are expected to be more understandable, allow the use of more judgment by auditors on the quality of financial information

Financial restatements continue to be the major factor in the erosion of investor confidence and public trust.

The development of IFRS is now considered one of the most commonly used accounting languages worldwide. Convergence of IFRS and U.S. GAAP should benefit the global capital market.

The SEC requires that public companies design and maintain adequate and effective disclosure controls and procedures.

Section 302 of SOX requires the management of public companies to assess and report on the effectiveness of disclosure controls and the procedures of both quarterly and annual reports.

• Section 404 of SOX requires management to document and assess the design and operation

of the company’s ICFR and report on its assessment of the effectiveness of ICFR.

• Section 404 of SOX requires the independent auditor to attest to and report on management’s assessment of the effectiveness of the company’s ICFR.

Conclusion

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