Why Integrity Still Constitutes the Driving Force Behind Ethical Standards, the Sarbanes Oxley Act and Other Legislation (Key Note Speech)
International Conference Proceedings of Planetary Scientific Research Centre ISBN 978-93-82242-80-2: ICHEG Conference, Abu Dhabi, March 19-20 2014
7 Pages Posted: 22 Mar 2014
Date Written: March 20, 2014
Abstract
Whilst the benefits and potentials of the dual roles assumed by external auditors are emphasized, as well as the need to ensure that safeguards operating to guard against a compromise of objectivity and independence are in place, this paper also highlights the fact that even though such dual roles are appropriate in certain cases – as illustrated by justifications for limitations imposed by the Sarbanes Oxley Act and other relevant and applicable legislation – instances also persist where section 201 of Sarbanes-Oxley, with regard to internal audit outsourcing, may have been over-reactionary and may continue to hinder both companies and their auditors.
Keywords: independence, objectivity, Sarbanes Oxley Act, FSMA section 166, non-audit services
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