It is only one of nine accounting firms in the U.S. that the Sarbanes-Oxley Act requires to be inspected annually by the PCAOB (Public Company Accounting Oversight Board) because the firm audits over 100 companies that are traded on stock exchanges here in the United States (18 of them Chinese).
As someone who got into the tax accounting business just after the Tax Reform Act of 1986, I can say with confidence that the transitional issues will be stratospherically complex.
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What the fed creates are entries in an accounting system which give the banks permission to act as if there is extra money on their balance sheets.
Any hint of accounting irregularities, for which the Sarbanes-Oxley Act imposes dire penalties, causes corporate managers to freeze up and conservative investors to head for the exits.
It is unclear as yet whether these problems are serious, says Christina Padgett, senior credit officer at Moody's Investors Service, or whether they simply reflect the fact that America's Sarbanes-Oxley act has imposed a higher standard of accounting accuracy.
In 2002 the Sarbanes-Oxley act limited what kind of non-audit services an American accounting firm can offer to an audit client.
Judging from what has happened with the False Claim Act, Dodd-Frank whistleblower suits will likely mainly concern accounting fraud at companies that file with the SEC.
Grandfathered plants, built before the state's Clean Air Act in 1971, are bigger polluters than newer ones, accounting for 36% of the chemicals Texas releases into the atmosphere each year.
In July 2002 America's Congress passed the Sarbanes-Oxley act to disentangle conflicts of interest at (among other places) accounting firms.
Currently, almost any accounting system you can think of records mistakes of commission, when a deliberate act goes wrong, but keeps no record of mistakes of omission: things not done that should have been.
The New Jersey Income Tax Act requires taxpayers to claim losses in accordance with their Federal method of accounting, including federal basis rules.
The Louisiana Oil Spill Recovery Act, passed in 2003, also requires the state to compile an accounting of the damages it wants from a company and then attend at least three mediation sessions to work out a settlement.
In particular, will the Senate Agriculture Committee which has initiated a General Accounting Office investigation into the matter, or Justice determine that he has breached the Farm Act's statutory prohibitions on the extension of taxpayer loan guarantees under the CCC program to other than creditworthy sovereign borrowers?
The federal government has gone even further and exempted EADS from the Buy American Act, the Berry Amendment, the International Trafficking and Arms Regulations, and the Cost Accounting Standards.
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