Answered Essay: What did Sections 201 and 202 of SOX do to promote auditor impartiality/independence? Why, at the time, were

What did Sections 201 and 202 of SOX do to promote auditor impartiality/independence? Why, at the time, were these sections important? In your response, feel free to discuss the effectiveness of the rule.

Expert Answer

 

SOX– This is Sarbanes Oxley Act, passed by US Government in 2002 to protect the investors from the fraudulent accounting practices. According to this act, Companies have to show the proper financial information and statement. This act was made after the big scam of ‘Enron Corporation’.

SOS Section 201– This section is made to end the practice of auditing firm, providing consulting services to their clients. According to this section, some non audited services are prohibited. Some non audited services are not prohibited, subject to pre approval by the registrar of audit committee.

SOS Section 202- This section tells the preapproval requirements of ‘Audit committee action’. According to this auditing services, which provide comfort letters to the issuer shall be preapproved by the audit committee of the issuer. This also tells that approval by an audit committee of the issuer, shall be disclosed to investors to investors in the reports. Some procedure should be followed by the audit, audit related and non audited services for obtaining prior approval that is; the audit committee can approve any audit, audit related services up to 12 months in advance for the ensuring year.

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