ACC 240 Lecture Notes - Lecture 13: Public Company Accounting Oversight Board, Chief Executive Officer, Financial Statement
Corporate Governance
Procedures to ensure that the company is managed in the interests of the shareholders.
Sarbanes-Oxley Act:
A law that strengthens financial reporting and corporate governance for public companies.
Regulators
SEC, FASB, PCAOB
SEC
Securities and Exchange Commission; Protects investors and maintains the integrity of the securities
markets.
FASB
Financial Accounting Standards Board; Sets generally accepted accounting principles (GAAP)
PCAOB
Public Company Accounting Oversight Board; Sets auditing standards for independent auditors (CPAs) of
public companies.
Mannagers
Managers are responsible for the information in the financial statements and disclosures.
Chief Executive Officer (CEO)
highest officer in the company
Chief Financial Officer (CFO)
highest officer associated with the financial and accounting side of the business
Accounting Staff
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Procedures to ensure that the company is managed in the interests of the shareholders. A law that strengthens financial reporting and corporate governance for public companies. Securities and exchange commission; protects investors and maintains the integrity of the securities markets. Financial accounting standards board; sets generally accepted accounting principles (gaap) Public company accounting oversight board; sets auditing standards for independent auditors (cpas) of public companies. Managers are responsible for the information in the financial statements and disclosures. Chief executive officer (ceo) highest officer in the company. Chief financial officer (cfo) highest officer associated with the financial and accounting side of the business. Accounting staff prepares the details of the reports and also bears professional responsibility for the accuracy of the information. The board of directors is elected by the stockholders to represent the interests of stockholders. The board oversees the ceo and senior management.