Audit Requirement

Overview of protective cover change counsel U.S. Security and Exchange Commission ( bit) is a federal official agency which holds indigenous responsibility for enforcing the federal securities laws and adjust the security market in the United States. second gear was constituted in 1934 as an independent, quasi-judicial regulatory agency aft(prenominal) the gigantic market crash in 1929. The mission of U.S. Security and Exchange Commission is to protect investors, maintain fair, orderly and economical markets and hasten capital formation ( atomic number 16. The Investors Advocate: How the bit Protects Investors, Maintains marketplace Integrity, and Facilitates Capital Formation. From http://www.sec.gov/about/whatwedo.shtml#create). Currently, sec is responsible for administering Securities supposition of 1933 and 1934, The Trust Indenture minute of 1939, The Investment Company crook of 1940, The Investment Advisors comport of 1940, The Sarbanes-Oxley Act of 2002 a nd Credit Rating way of life of life Reform Act of 2006. Congress has allowed SEC to tally obliging enforcement actions against individual or companies in violation of securities law. It is the primary eubstance to regulate public companies and their activities in United States. SEC has enacted several(a) rules, regulations and releases to comply its objective of investor protection mission.

Out of numerous provisions, surgical simoleons 10(A) Audit Requirement is fundamental one. In 1995, with little fanfare, the SEC added a powerful new weapon to its enforcement arsenal, specifically describe at independent auditors ... component part 10A of the Securities Exchange Act of 193 4, as amended. Although, to date, the SEC ha! s only made limited exercise of Section 10A, the recent spate of false financial disclosures ensures more massive use of this powerful new weapon (Hecht, Charles. The SECs New Weapon: Section 10A. Retrieved July 2002 from http://accounting.smartpros.com/x34666.xml). Section 10(A) has tierce components that are audit procedures, let the audit committee yield and let the SEC know. Section...If you want to get a lavish essay, order it on our website: OrderEssay.net

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