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rasel rasel
May 24, 2022
In General Discussions
The impact of SOX and outsourcing are Latest Mailing Database discussed in Paul Cervantes article "Sarbanes-Oxley and the Outsourcing of Accounting". The implementation of SOX first made firms hesitate on what they would outsource Latest Mailing Database and what they would keep. Because SOX made company profits go down and capital increase, outsourcing accounting Latest Mailing Database related functions are a good way companies could reduce costs. Accounting firms are examples of firms that look to outsource. Deloitte is an example of an Latest Mailing Database accounting firm that has begun outsourcing. Deloitte partnered with Mastek to encourage companies to outsource business Latest Mailing Database practices, particularly to India. Outsourcing allows Deloitte to work with finance professionals with an established safe service, and also it also decreases work turnaround by 40%. Even Latest Mailing Database though outsourcing seems like an easy solution to the implication of SOX Latest Mailing Database there are some obstacles, particularly in Sections 302 and 404. Section 302 states that company and managing executives are responsible for material weakness in internal controls of the company. Section 302 Latest Mailing Database also states that these executives must report fraud to shareholders. Section 404 requires that management Latest Mailing Database assess the internal controls of the company in every quarterly or yearly report. These sections make if difficult for companies to outsource accounting related services because even though these services are outsourced, Latest Mailing Database they are considered to be an extended portion of the company. That means that the company would to ultimately liable, not the service provider. Even with the implementation of SOX, this does not stop accounting firms outsourcing other Latest Mailing Database services. KPMG is one of the four biggest four accounting firms in the world, and they have started to use outsourcing.
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