0 Bewertungen0% fanden dieses Dokument nützlich (0 Abstimmungen)
80 Ansichten3 Seiten
%he Reform Act&'sta$lish a ca! on "amages which woul" otherwise re"uce the ma(imum amount that au"itors are lia$le for. %he limits on the rights of thir"!arties through a!rocess of limiting the amount of!lainti s so there is no more than -ve class actions throughout a three year!erio"
Originalbeschreibung:
Originaltitel
112825224 ACC497 ACC 497 Week 5 Individual Assignment Assignments From the Readings
%he Reform Act&'sta$lish a ca! on "amages which woul" otherwise re"uce the ma(imum amount that au"itors are lia$le for. %he limits on the rights of thir"!arties through a!rocess of limiting the amount of!lainti s so there is no more than -ve class actions throughout a three year!erio"
%he Reform Act&'sta$lish a ca! on "amages which woul" otherwise re"uce the ma(imum amount that au"itors are lia$le for. %he limits on the rights of thir"!arties through a!rocess of limiting the amount of!lainti s so there is no more than -ve class actions throughout a three year!erio"
Following is a list of ways that the Private Securities
Reform Act of 1995 (Reform Act will !otentially change au"itor#s legal lia$ility. %he Reform Act& 'sta$lish a ca! on "amages which woul" otherwise re"uce the ma(imum amount that au"itors are lia$le for. Re)uires !lainti*s to com!ensate the "efen"ant+s attorney fees an" other e(!enses which are "irectly relevant to litigations foun" $y the court that are sai" to $e frivolous an" unwarrante". Provi"es a state of "iscovery throughout a !erio" were the motion is "ismisse", an" therefore re"ucing the cost which commonly forces innocent !arties to esta$lish frivolous class action suits. Re"uces !unitive "amages throughout the !rocess of eliminating securities frau" with the intent of acting on the Racketeer Infuenced and Corrupt Organization Act which !rovi"es for tre$le "amages. %he limits of sai" !unitive "amages shoul" imme"iately re"uce the cost of "amages for the au"itors. 'sta$lish limits on the rights of thir" !arties through a !rocess of limiting the amount of !lainti*s so there is no more than -ve class actions throughout a three year !erio". Furthermore, a !rocess of im!osing stricter !lea"ing stan"ar"s which are met $y mere !lainti*s. %his limits the amount of in"ivi"uals which may sue the au"itors an" re"uce the li.elihoo" of suit $y /!rofessional !lainti*s0. Alterations were the court assigns a lea" !lainti* in class actions will favor institutional investors that are li.ely to have a signi-cant in1uence on the largest -nancial state. %his !rocess also limits the amount of in"ivi"uals which may sue au"itors an" limits the li.elihoo" of suit $y /!rofessional !lainti*s0. 4-12. a. Following is a list of .ey changes for au"itors as a result of the Sar$anes 3 4(ley Act of 5665. A signi-cant amount of non-attest services are !revente" from au"itors an" !u$lic com!anies. %he Act allowe" the P7A48 to have the authoritative control of esta$lishing au"iting stan"ar"s, )uality control stan"ar"s, an" in"e!en"ence stan"ar"s for au"itors of !u$lic com!anies. $. Following is a list of .ey changes for au"itors as a result of the Sar$anes 3 4(ley Act of 5665. Section 965 re)uires a !u$lic com!any#s 7'4 an" 7F4 to !re!are a statement to accom!any the au"it re!ort to certify the a!!ro!riateness of the -nancial statements an" "isclosures. Section 969 ma.es it illegal for any o:cer or "irector of any issuer to ta.e any action on frau"ulent coerce, mani!ulation, or the mislea"ing acts of any au"itors. Section 965 re)uires the 7'4 an" 7F4 of a com!any which re-instates -nancial statements $ecause of /material non-com!liance0 were -nancial re!orting re)uirements /reim$urse the com!any for any $onus or other incentive $ase", or e)uity-$ase" com!ensation receive" throughout the 15 months following the issuance or the -ling of the non-com!liant "ocument. Finally, any !ro-ts reali;e" from the sale of securities of the issuer throughout that !erio". %itle <=== of the Act, the Corporate and Criminal Fraud Accountability Act of 2002& A felony is recogni;e" as /.nowlingly0 "estroying or creating "ocuments which /im!e"e, o$struct or in1uence0 as well as e(isting or contem!late" fe"eral investigation. 'nsures that all au"itors will maintain the !rocess of au"iting or reviewing wor. !a!ers for -ve years. '(ten"s the statute of limitations on securities frau" claims to -ve years of frau", or two years after the frau" was esta$lishe". '(ten"s /whistle$lower !rotection0 to em!loyees of !u$lic com!anies an" their au"itors that woul" !rohi$it the em!loyer from ta.ing certain actions against em!loyees who lawfully "isclose !rivate em!loyer information to, among others, !arties in a >u"icial !rocee"ing involving a frau" claim. ?histle$lowers are also grante" a reme"y of s!ecial "amages an" attorney#s fees. 7reates a new crime for securities frau" that has !enalties of -nes an" u! to 16 years im!risonment. %itle =@ of the Act enhances !enalties for a variety of white-collar crimes.