Week 2 Part3

Implications of various components of Sarbanes-Oxley Act of 2002 have been widely

discussed. In my opinion, two components which have huge importance are the establishment
of independent auditors and other is accountability of C-executives for certification of all
financial reports. Here I will present the major element to establish free supervision of audits
and its report of publicly listed firms. Under this act, PCOAB has been established and with
the establishment of PCOAB, there was an end of a century of self regulation by the publicly
listed firm audit profession. It was additionally provided with examination, enforcement and
norm setting authority. It was owing to Sarbanes-Oxley Act of 2002 that audit committees
became directly accountable for the appointment, reward and supervision of the various job
executed by external auditors, who are responsible for evaluation of financial statements and
their presentation in accordance with the established accounting framework being followed.
Sarbanes-Oxley Act of 2002 also asked audit committees to keep at least single person who
has expertise in finance to foster these committee carrying out their duties.

Works Cited
EY. (n.d.). The Sarbanes-Oxley Act at 10. Retrieved
from http://www.ey.com/Publication/vwLUAssets/The_Sarbanes-Oxley_Act_at_10__Enhancing_the_reliability_of_financial_reporting_and_audit_quality/
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Week 10 Part 4
Effective communication has significant role in dealing with employees, vendors and clients.
Accounting being intrinsic to the business has vital need of communication. All these key elements
like budget preparation, accounting reporting, recording various part of income and expense requires
proper and meaningful presentation of management. One of the key users is firm or individual
investing in such companies. This user group is interested in knowing how well a company if
performing financially.
Coming back to importance of communication, almost all professional accountant end up in
formalizing in form of written or verbal communication, either to an investor, other financing entity, or
any other third party. Ineffective communications reflect poorly on the accountant, their firm, and any
client they represent. An accountants professional image can be improved when the professionals
are able to address a group clearly with concise information and with confidence. (Tax Insights, 2014).
Persuasion, Influencing and Articulation are the soft skill that matters for a non-specialist audience.
(Michael Page)

Works Cited

Michael Page. (n.d.). Michael Page. Retrieved from http://www.michaelpage.co.uk/ourexpertise/finance/people-skills-make-accountants-count

Tax Insights. (2014, March 31). THE VALUE OF SOFT SKILLS IN ACCOUNTING. Retrieved from Tax
Insights:http://www.hhcpa.com/blogs/income-tax-accountants-cpa/the-value-of-soft-skills-inaccounting

Responses

Dear Gregory, You correctly mentioned that the process begins with devising and writing down a good
research plan. However i believe objective of the research should be understood first. Hypothesis
should be framed accordingly and then one should analyse list of possible resources of information
on the topic of interest. Your topic of research is interest. Irrespective of some differences between
U.S GAAP and IFRS, these two accounting system has conveged. Along with Wikipedia, Investopedia
is another information set which you can add in unacceptable sources.

Dear Chad
Yes, the data collection and information processing should be done systematically. The process
begins with devising and writing down a good research plan. In my opinion, objective of the research
should be understood first. Hypothesis should be made accordingly and then one should analyse list
of possible resources of information on this topic . I like your concept of utilizing a research plan with
effective note taking and consideration of these six steps should minimize any gaps in compiling
information.