By D R Carmichael

ISBN-10: 0471790389

ISBN-13: 9780471790389

This extremely popular reference is depended on through a substantial a part of the accounting occupation of their day by day paintings. This guide is the 1st position many accountants glance to discover solutions to perform questions. Its finished scope is well known and trusted. it really is designed as a unmarried reference resource that offers solutions to all moderate questions about accounting and monetary reporting requested through accountants, auditors, bankers, legal professionals, monetary analysts, and different preparers and clients of accounting info.

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Vii) Corporate Tax Returns. The Sarbanes-Oxley Act contains a sense of the Senate—which is not a legal requirement—that CEOs should sign the corporate tax return. (viii) Corporate Fraud and Accountability. The Act imposes fines and potential prison terms of up to 20 years for tampering with a record, document, or other object or otherwise impeding an official proceeding. Also, criminal penalties available under the Securities and Exchange Act of 1934 have been increased. In some cases, public companies attempt to make large payments to officers, directors, and others during the period of time the company is under investigation for possible violations of securities laws.

V) Corporate and Criminal Fraud Accountability. The Sarbanes-Oxley Act imposes severe criminal penalties for prohibited forms of document destruction and for violations of the securities laws. Prison sentences of up to 20 years can be imposed for the destruction, alteration, or falsification of records in federal investigations and bankruptcy. The Act requires the SEC to promulgate rules relative to the retention of documents (including electronic records) by external auditors. Failure to comply with these SEC rules and regulations can lead to prison terms of up to 10 years.

This role involves preparing recommendations that new SEC rules be created for registrants. It also involves overseeing standard setters, specifically the FASB. The OCA is heavily involved in overseeing the PCAOB. (v) Division of Enforcement. The third segment of the SEC staff that commonly interfaces with financial accountants is the Division of Enforcement, which is charged with investigating violations of the statutes and regulations and recommending disciplinary action. Information about possible violations comes from a wide variety of sources, including the OCA and DCF, as well as news reports and direct complaints from individuals.

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Accountants' handbook. Vol. 1 by D R Carmichael

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