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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 33 / 352

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© D.L. Crumbley

Section 404-Sarbanes-Oxley

Beginning June 2004, large companies must have in place tight internal controls, assess the effectiveness of these controls annually, and pay for an independent assessment by external auditors.

Need an internal control framework (e.g., COSO or similar).

Companies are paying steep fees to fund the PCAOB.

Audit fees have increased by as much as 30% since S/O.

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