Resources for Sarbanes-Oxley (SOX)

New fetters on auditors

www.thehindubusinessline.com

The Public Company Accounting Oversight Board (PCAOB) — the sole implementer of the Sarbanes Oxley Act ( SOX) — has had a quiet existence for the past few years after its Auditing Standard on Internal Control over Financial Reporting gave enough work to both auditors and auditees.

However, it has not let go its grip on the auditors by conducting rigorous inspections on their audit files and penalising them, including banning some from practising in the US. Not deciding to stay quiet, it has now issued new rules for independence of auditors.

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