会计舞弊财务舞弊外文翻译文献
Exchange (NYSE), the National Association of Securities Dealers Automated Quotation (NASDAQ) and the State Societies of CPAs have also passed new regulations which place additional burdens on publicly traded companies and their external auditors.
The Sarbanes-Oxley Act (SOA) is expressly applicable to any non-U.S. company registered on U.S. exchanges under either the Securities Act of 1933 or the Security Exchange Act of 1934, regardless of country of incorporation or corporate domicile. Furthermore, external auditors of such registrants, regardless of their nationality or place of business, are subject to the oversight of the Public Company Accounting Oversight Board (PCAOB) and to the statutory requirements of the SOA .
The United States' SOA has reverberated around the globe through the corporate and accounting reforms addressed by the International Federation of Accountants (IFAC); the Organization for Economic Cooperation and Development (OECD); the European Commission (UC); and authoritative bodies within individual European countries.
II. International Federation of Accountants (IFAC)
The International Federation of Accountants (IFAC) is a private governance organization whose members are the national professional associations of accountants. It formally describes itself as the global representative of the accounting profession, with the objective of serving the public interest, strengthening the worldwide accountancy profession and contributing to the development of strong international economies by establishing and promoting adherence to high quality standards. The Federation represents accountancy groups worldwide and has served as a reminder that restoring public confidence in financial reporting and the accounting profession should be considered a global mission. It is also considered a key player in the global auditing arena which, among other things, constructs international standards on auditing and has laid down an international ethical code for professional accountants. The IFAC has recently secured a degree of support for its endeavors from some of the world's most influential international organizations in economic and financial spheres, including global Financial Stability Forum (FSF), the International Organization of
会计舞弊财务舞弊外文翻译文献
Securities Commissions (IOSCO), the World Bank and, most significantly, the European Communities(EC).
In October 2002, IFAC commissioned a Task Force on Rebuilding Public Confidence in Financial Reporting to use a global perspective to consider how to restore the credibility of financial reporting and corporate disclosure. Its report, \includes recommendations for strengthening corporate governance, and raising the regulating standards of issuers. Among its conclusions and recommendations related to audit committees are :
1. All public interest entities should have an independent audit committee or similar body .
2. The audit committee should regularly report to the board and should address concerns about financial information, internal controls or the audit .
3. The audit committee must meet regularly and have sufficient time to perform its role effectively .
4. Audit committees should have core responsibilities, including monitoring and reviewing the integrity of financial reporting, financial controls, the internal audit function, as well as for recommending, working with and monitoring the external auditors.
5. Audit committee members should be financially literate and a majority should have \financial experience.\They should receive further training as necessary on their responsibilities and on the company.
6. Audit committees should have regular private \sessions\with the outside auditors and the head of the internal audit department. These executive sessions should not include members of management. There should be similar meetings with the chief financial officer (CFO) and other key financial executives, but without other members of management.
7. Audit committee members should be independent of management .
8. There should be a principles-based approach to defining independence on an international level. Companies should disclose committee members' credentials,
会计舞弊财务舞弊外文翻译文献
remuneration and shareholdings.
9. Reinforcing the role of the audit committee should improve the relationship between the auditor and the company. The audit committee should recommend the hiring and firing of auditors and approve their fees, as well as review the audit plan.
10. The IFAC Code of Ethics should be the foundation for individual national independence rules. It should be relied on in making decisions on whether auditors should provide non-audit services. Non-audit services performed by the auditor should be approved by the audit committee.
11. All fees, for audit and non-audit services, should be disclosed to shareholders.
12. Key audit team members, including the engagement and independent review partners, should serve no longer than seven years on the audit .
13. Two years should pass before a key audit team member can take a position at the company as a director or any other important management position .
III. Organization for Economic Cooperation and Development (OECD) The Organization for Economic Cooperation and Development (OECD) is a quasi-think tank made up of 30 member countries, including the United States (U.S.) and the United Kingdom (UK), and it has working relationships with more than 70 other countries. In 2004, the OECD unveiled the updated revision of its \Corporate Governance\ (including the U.S. and UK) in 1999. Although they are non-binding, the principles provide a reference for national legislation and regulation, as well as guidance for stock exchanges, investors, corporations and other parties .
The principles have long become an international benchmark for policy makers, investors, corporations and other stakeholders worldwide. They have advanced the corporate governance agenda and provided specific guidance for legislative and regulatory initiatives in both the OECD and non-OECD countries.
The 2004 updated version of \of Corporate Governance\includes recommendations on accounting and auditing standards, the independence of board members and the need for boards to act in the interest of the company and the
会计舞弊财务舞弊外文翻译文献
shareholders. The updated version also sets more demanding standards in a number of areas that impact corporate executive compensation and finance, such as :
1. Granting investors the right to nominate company directors, as well as a more forceful role in electing them.
2. Providing shareholders with a voice in the compensation policy for board members and executives, and giving these stockholders the ability to submit questions to auditors.
3. Mandating that institutional investors disclose their overall voting policies and how they manage material conflicts of interest that may affect the way the investors exercise key ownership functions, such as voting .
4. Identifying the need for effective protection of creditor rights and an efficient system for dealing with corporate insolvency .
5. Directing rating agencies, brokers and other providers of information that could influence investor decisions to disclose conflicts of interest, and how those conflicts are being managed .
6. Mandating board members to be more rigorous in disclosing related party transactions, and protecting so-called \with confidential access to a board-level contact . 4、Conclusion
The Sarbanes-Oxley Act of 2002 was the U.S. government's response to the wave of fraudulent corporate financial reporting experienced during the 1990s and early 2000s an represented a significant step in regaining investors' confidence in the global financial reporting process. The SOA created new and stricter statutes to avoid a repeat of previous corporate financial disasters. The Act not only applies to U.S. entities but also covers primarily large non-U.S. companies whose securities are listed or traded on U.S. stock exchanges, as well as their non-U.S. external auditors, regardless of their nationality or place of business. Foreign entities have to comply with the SOA by June 2005 .
Across the Atlantic, the IFAC, OECD and EU have recognize the recent eruption of corporate scandals in Europe and affirmed the inevitable need for
