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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 29 / 352

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© D.L. Crumbley

Sarbanes-Oxley (contd.)

Many of the Sarbanes-Oxley’s provisions became effective July 30, 2002.

www.tnwinc.comThe Network

Thus, SEC will control the accounting standards, not the AICPA.

Auditors to report to audit committee, and audit committee must approve all services.

Crime to corruptly alter, destroy, mutilate, or conceal any document with the intent to impair the object’s integrity or availability (up to 20 years).

Statute of limitations for the discovery of fraud is now two years from the date of discovery and 5 years after the act.

Maximum penalty for mail and wire fraud is increased from 5 to 10 years.

Financial statement filed with SEC: certified by CEO and CFO. Maximum penalties for willful and knowingly violation: fined not more than $5 million and/or imprisonment of up to 20 years.

Sense of Congress: CEO should sign the Federal income tax return.

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