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Enron
SOX Highlights
PCAOB
Corporate Governance
Miscellaneous
100
How were they hiding debt?
What is a special purpose entity?
100
Sarbanes-Oxley applies only to these types of companies whose stock is traded on public exchanges.
What are publicly held companies?
100
What is PCAOB?
A private-sector nonprofit corporation created by Sarbanes-Oxley to oversee independent audit reports for publicly traded companies.
100
Who is involved with corporate governance?
Answers vary.
100
The type of crime associated with accounting ethics.
What is white collar crime, fraud?
200
Name someone involved in the Enron Scandal
Who is Jeffrey Skilling, Andrew Fastow?
200
The year that Sarbanes-Oxley was enacted.
What is 2002?
200
Who has the power to oversee the PCAOB
What is the SEC?
200
System by which a company is directed and controlled.
What is corporate governance?
200
Can auditors be part of the company they are auditing?
No.
300
The auditor responsible for the Enron Scandal.
What is Arthur Andersen?
300
The creation of Sarbanes-Oxley was because of this.
What is a financial market scandal? (What is Enron, Worldcom?
300
How to search for quality control issues.
What is audit inspection?
300
What is the objective of corporate governance?
To make better decisions with better information flow.
300
Requires timely reporting of material changes in financial condition and specific enhanced reviews by the SEC
What is a financial disclosure?
400
What were the papers that were thrown away
Audit papers/evidence.
400
What are some concerns of Sarbanes-Oxley
Answers Vary
400
Have compliance costs gone up or down since the implementation of SOX?
Down.
400
Name a way to implement good corporate governance.
-effective board of directors -instituting a code of ethics (SOX forced companies to disclose them) -Section 404: evaluate internal controls
400
True or False: All goals have been reached and no issues remain in implementation.
FALSE.
500
What is LJM?
The largest special purpose entity used by Enron.
500
Overall, SOX satisfies this goal?
Auditor Independence
500
Number of board members.
5, and always at least 2 CPA's.
500
How does SOX impact corporate governance the most?
requirement to have an external audit of internal control
500
What are the biggest quality control issues with public audits?
Audit performance issues.