Emergence Of Sox 404 Essay

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CONFERENCE ON EMERGING ISSSUES IN ACCOUNTING, BUSINESS AND TECHNOLOGIES 2005 THE EMERGENCE OF ENTERPRISE RISK MANAGEMENT: SOX 404 COMPLIANCE AND BEYOND BY WILLIAM BRENT CARPER, Ph.D., CPA AND AUDREY BERRY, CPA TELEPHONE: ( ) (910) 482-3363 EMAIL: WCarper@[->0]earthlink.net CENTER FOR INTERNATIONAL ACCOUNTING EDUCATION AND RESEARCH NIAGARA UNIVERSITY NIAGARA, NEW YORK 14109 HOLIDAY INN SELECT NIAGARA, NEW YORK AUGUST 4-6, 2005 Copyright © 2005 by William Brent Carper, Ph.D. and Mrs. Audrey T. Berry. All Rights Reserved. CONTENTS Executive Summary 1 Introduction 1 Purpose, Scope and Limitations 2 Method for Developing Topic 2 Research Methodology 2 Contribution of Research 2 SOX 404 3 Management’s Report 3 Evaluating the Control Environment 3 Effectiveness of Internal Controls as of Year-End 4 Disclosure of Material Weaknesses 4 Framework Used to Evaluate Internal Controls 5 COSO’s Internal Control—Integrated Framework 5 COSO’s Enterprise Risk 6 Management—Integrated Framework 6 Determine Right Amount of Risk 6 Role of Board of Directors and Senior Management 7 Evolution of COSO's ERM —Integrated Framework 7 SELECTED BIBLIOGRAPHY 12 THE EMERGENCE OF ENTERPRISE RISK MANAGEMENT: SOX 404 COMPLIANCE AND BEYOND By William Brent Carper, Ph.D., CPA and Audrey T. Berry, CPA Executive Summary Ø EFFECTIVE NOVEMBER 15, 2004 “accelerated filers” must comply with new internal control rules contained in Section 404 of the Sarbanes-Oxley Act of 2002. (SOX 404). Ø MANAGEMENT MUST SUBMIT AN INTERNAL CONTROL REPORT stating management is responsible to establish and maintain an adequate internal control system for financial reporting and an assessment, as of year-end of the effectiveness of the internal control structure and procedures in addition to disclosing the framework used.

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