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Sox audit

CMA Avinash Yadav (Dy Mgr (Cost)) (96 Points)

27 February 2013

Can any one tell me what is sox audit?

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Hemant Kumar (Accounts Manager MBA (Fin) CMA*) (6450 Points)
Replied 27 February 2013

'SOX' is an acronym for the 2002 Sarbannes-Oxley Act which requires independent audits of publicly traded firms, as opposed to the previously internally conducted audits which were 'performed' by 'auditors' who also held management consulting positions within the company. This led to an extreme conflict of interest. The internal 'auditors', who were collecting double paychecks, essentially 'looked the other way' and allowed SERIOUS misrepresentations to be entered on the books of companies.

Hemant Kumar (Accounts Manager MBA (Fin) CMA*) (6450 Points)
Replied 27 February 2013

For more details about SOX Audit please go through following link:

/experts/what-is-sox-audit--46341.asp#.US3x56JTBZ0

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