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研究生:湯琴恆
研究生(外文):CHIN-HENG TANG
論文名稱:沙賓奧克斯利法案之遵循影響-以美國一家上市公司為例
論文名稱(外文):A Case Study of Sarbanes-Oxley Act Compliance
指導教授:林嬋娟林嬋娟引用關係
指導教授(外文):CHAN-JANE LIN
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2004
畢業學年度:92
語文別:英文
論文頁數:123
中文關鍵詞:公司治理財務報導
外文關鍵詞:Corporate governanceSarbanes-Oxely Act
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近年來美國國內一連串上市公司如Enron、 Tyco、 WorldCom、Adelphia等知名企業連續爆發公司舞弊及不法情事,繼而引發美國證券交易市場之巨幅震盪,美國國會因此通過了號稱本世紀改革幅度最大的會計改革法案- 沙賓奧克斯利法案 (Sarbanes-Oxley Act of 2002 )。 該法案於2002年7月30日由美國總統公佈實施, 其立法原由顯然是針對上述知名企業之公司舞弊及會計醜聞所引發投資大眾對於公司會計及財務報導產生信心危機而來。公開發行公司之執行長(CEOs)及財務長(CFOs)面對投資大眾日益擴增之不信任感,必須掌握此改革之契機。
本論文首先彙整並分析該法案之內容以及美國證管會及證券交易市場為因應該法案所發佈有關公司治理之相關規範,並對該法案提供一個概括性之說明及闡述在該法案所要求之公司治理環境下,有關公司財務報導、財務報表之揭露及公司自行評估內部控制制度之相關法令規定。此外本論文以美國一家上市公司為例作個案研究,經由該個案遵循沙賓奧克斯利法案之實際過程探討一般美國上市公司在遵循該法案時所面臨之挑戰、衝擊及因應之道。
研究結果顯示沙賓奧克斯利法案的確對於公司財務報導供應鏈之上下游產生重大衝擊,尤其是首當其衝之公司管理階層、董事會成員及公司財務報表之查核簽證會計師,在該法案所建構之公司治理環境下,其傳統角色受到重新定位,相互之間之關係亦受到影響。研究結果同時亦認為沙賓奧克斯利法案確實增加了釵h新的規範,同時並強化上市公司之財務報導責任,然而其要求之財務報導本質並未改變,該法案只是企圖在公司治理法令之架構下,要求公司管理階層、董事會成員及簽證會計師能更緊密的配合,進而提高公司財務報導之可靠性並對投資大眾負責,而遵循該法案對公司而言具有正面之意義,在健全之公司治理架構下定能強化公司財務報導之可靠性與透明度。
The recent stock market plunge and the ongoing revelations by major U.S. corporations such as Enron, Tyco, WorldCom, Adelphia and others of substantial accounting and operating irregularities gave rise to the most sweeping securities law changes in decades of the United States, the Sarbanes-Oxley Act of 2002. The Sarbanes-Oxley Act of 2002 (the Act) was enacted on July 30, 2002, largely in response to a number of major corporate and accounting scandals involving the above some of the most prominent companies in the United States. These scandals have resulted in a great loss of public trust in corporate accounting and reporting practices. CEOs and CFOs of public companies must firmly grasp the degree and significance of distrust that now exists.


The thesis first summarize thousands of pages of the Act and the resulting new SEC rules and interpretive commentary along with the new listing standards regarding the corporate governance rules promulgated by the market rulers. It will also provide a foundation for understanding the new responsibilities for corporate governance, management reporting, financial statement disclosures, management assessment of internal controls, and the changed responsibilities of auditors. Further, the thesis will then focus on the compliance implementation and its impact, challenge and possible solutions to achieve the corporate governance requirements. As far as the research methodology is concerned, a case study of a NASDAQ company would be applied.

Result shows that the Act did have huge impact to each participant within the corporate financial reporting supply chain especially to the board of directors, management and internal and external auditors. Each of their roles had been repositioned and redefined to reflect their new responsibilities under the new corporate governance environment. Result also shows that Sarbanes-Oxley did require lots of new actions for the public companies to achieve the objectives but it did not change the nature of the corporate financial reporting as well as the management’s responsibility. Public companies now have the chance to revaluate themselves through the statutory requirements. And, the Act not only provide the opportunity but also a challenge to the management of the Company as well as its audit committee, auditors and board of directors to work more closely together than ever to provide assurance on its financial reporting process and information shared with the investors

Management of the public companies should discuss with their independent directors board, external auditor and attorney in details regarding the new requirements derived from the Sarbanes-Oxley and related regulations. They should ask their securities lawyer to explain all significant Sarbanes-Oxley sections as well as the rules of SEC and Markets through face to face meetings and make sure each participant fully understand their new character and responsibility during the post Sarbanes-Oxley era. This is essential factor to achieve the goal of compliance of the law and to establish a quality corporate financial reporting.
謝詞 (I)
中文摘要 (II)
英文摘要 (III)
目錄(IV)
圖表 (V)
CHAPTER I. Introduction (p1)
I. Background and Motivation(p1)
II. Objectives(p3)
III.Research Methodology(p3)
IV. Research Framework(p4)
CHAPTER II. Regulations Summary and Analysis(p6)
I. Auditor Independence(p6)
II. Corporate Responsibilities(p13)
III.Enhanced Financial Disclosures(p24)
CHAPTER III.Sarbanes-Oxley Act Impact on Public Companies(p42)
I. Corporate Governance(p42)
II. Expended and Enhanced Company Disclosures(p52)
III.New Crimes and Penalties(p56)
CHAPTER IV. Case Study – Diodes Incorporated(p60)
I. Background of Diodes Incorporated(p60)
II. Challenges on Sarbanes-Oxley Act Compliance(p62)
III.Strategies and Actions for Achieving the Compliance(p73)
CHAPTER V. Conclusion and Recommendations(p91)
I. Conclusion(p91)
II. Constraints of the Research(p95)
III.Recommendations(p95)
BIBLIOGRAPY (p97)
Appendix A- Summary of Sarbanes-Oxley Act of 2002(p101)
Appendix B- Prohibited non audit services(p104)
Appendix C- Format of Section 302 certifications of CEO/CFO (p106)
Appendix D- Format of Section 906 certifications of CEO/CFO (p107)
Appendix E- Director selection criteria(p108)
Appendix F- Sarbanes-Oxley Act implementation plan(p110)
Appendix G- Sarbanes-Oxley Act via SEC Final Rules Release(p121)
Diagram A. Mandated Tabular Disclosure schedule(p27)
Diagram B. Filing dates for accelerated filers under the new rules(p53)
Diagram C. Percentage of annual reports filed in advance of coming form 10-K deadlines(p53)
Diagram D. Estimated incremental cost of compliance(p58)
Diagram E. Whistleblower program reporting flowchart(p78)
Diagram F. Integrated evaluation process(p84)
Diagram G. Components and objectives of COSO framework(p85)
Diagram H. Evaluation Model for activity level control process(p 86)

Illustration 1-1 Research Process(p9)
Illustration 4-1 Evaluate the (p89)
Illustration 4-2 Evaluate the control process over ethical-related programs (p90)
1.Aguilar L. 2002, "Scandals Jolting Faith of Investors," Denver Post, June 27, 2002.

2.AICPA Audit and Attest Standards, Statement on Auditing Standards, SAS 90
“Audit Committee Communications” amends SAS No. 61, “Communication with Audit Committees”, and SAS No. 71, “Interim Financial Information”.

3.Audit Committee Institute, 2002. “ACI Fall 2002 Audit Committee Roundtable Survey.”

4.Audit Committee Institute, 2003. “ACI Spring 2003 Audit Committee Roundtable Survey.”

5.Audit Committee Institute, September 2003. “Define issue No. 03-17: Readiness SEC timely filing requirements.”

6.Committee of Sponsoring Organizations of the Treadway Commission, Internal Control – Integrated Framework (New York: American Institute of Certified Public Accountants, 1992). Volume 1, “Executive Summary,” Volume 2, “Framework,” Volume 3, “Reporting to External Parties,” Volume 4, “Evaluation Tools,” provides materials that may be useful in conducting an evaluation of an internal control system.

7.Compliance Week, March, 2004

8.Guilford A. J., Denis M J., Murphy J., Jr., Pamela J. Naughton, C. Thomas Hopkins, Robert D. Rose “New Corporate Reform Law”, August 4, 2002

9.Institute of Internal Auditors Research Foundation, February 2003 Survey.

10.KPMG LLP, 2003, White Paper, “Sarbanes-Oxley: A Close Look”

11.Korn/Ferry International''s 29th Annual Board of Directors Study, “Fortune 1000 Board Directors Reveal Gaps In Corporate Governance-Necessary Changes Seen as Long Term Process”, New York, NY, October 17, 2002

12.NASDAQ, 2002, SR-NASD-2002-141- Amendment 3: “Rules 4200 and 4350 Regarding Board Independence and Independent Committees”

13.NASDAQ Stock Market, Inc., 2002, “Summary of NASDAQ Corporate Governance Proposals As Of November 20, 2002.”

14.PCAOB, 2003, Release No. 2003-025, “Auditing Standard No.1 –References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board,” December 17, 2003

15.PCAOB, 2004, Release No. 2004-001, Rulemaking, Docket Matter No. 008, “An Audit Of Internal Control Over Financial Reporting Performed in conjunction with an Audit of Financial Statements”, March 9, 2004

16.PricewaterhouseCoppers, 2003, “The Sarbanes-Oxley Act of 2002; Understanding the Independent Auditors Role in Building Pubic Trust”: A White Paper

17.PricewaterhouseCoppers, 2003, “The Sarbanes-Oxley Act of 2002 And Current Proposals by NYSE, Amex and NASDAQ Board and Audit Committee Roles in the Era of Corporate Reform: A White Paper”

18.PricewaterhouseCoppers, 2002, “Strategies for New Internal Control Reporting Challenges: A White Paper”

19.PricewaterhouseCoppers, 2003, “Management’s responsibility for assessing the effectiveness of internal control over financial reporting under Section 404 of Sarbanes-Oxley Act.”

20.Roth J., and Espersen D, 2003, “Internal Auditor’s Role in Corporate Governance Researched”

21.Roth J, and Espersen D, 2003, IIA Research Foundation, “Internal Auditor’s Role in Corporate Governance”

22.U.S. Congress, 2002, Sarbanes Oxley Act of 2002.

23.U.S. Security and Exchange Commission,, 2002, “Final Rule: Acceleration of Periodic Report Filing Dates and Disclosure Concerning Website Access to Reports”, 17 CFR PARTS 210, 229, 240 and 249 [Release Nos. 33-8128; 34-46464; FR-63; File No. S7-08-02] RIN 3235-AI33, September 5, 2002.

24.U.S. Securities and Exchange Commission, 2002, “Final Rule: Certification of Disclosure in Companies'' Quarterly and Annual Reports” 17 CFR PARTS 228, 229, 232, 240, 249, 270 and 274 [Release Nos. 33-8124, 34-46427, IC-25722; File No. S7-21-02] RIN 3235-AI54, August 29, 2002

25.U.S. Securities and Exchange Commission, 2003, “Final Rule: Disclosure Required by Sections 406 and 407 of the Sarbanes-Oxley Act of 2002.” 17 CFR PARTS 228 and 229 [Release Nos. 33-8177A; 34-47235A; File No. S7-40-02] RIN 3235-AI66, March 26, 2003

26.U.S. Securities and Exchange Commission, 2003, “Final Rule: Management''s Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports” 17 CFR PARTS 210, 228, 229, 240, 249, 270 and 274 [RELEASE NOS. 33-8238; 34-47986; IC-26068; File Nos. S7-40-02; S7-06-03] RIN 3235-AI66 and 3235-AI79, June 5, 2003

27.U.S. Securities and Exchange Commission, 2003, “Final Rule: Improper Influence on Conduct of Audits” 17 CFR Part 240 [Release Nos. 34-47890, IC-26050; FR-71; File No. S7-39-02] RIN 3235-AI67, June 26, 2003

28.U.S. Security and Exchange Commission, 2003, “Final Rule: Strengthening the Commission''s Requirements Regarding Auditor Independence”, 17 CFR PARTS 210, 240, 249 and 274 [RELEASE NO. 33-8183; 34-47265; 35-27642; IC-25915; IA-2103, FR-68, File No. S7-49-02] RIN 3235-AI73, March 26, 2003

29.U.S. Securities and Exchange Commission, 2003, “Final Rule: Insider Trades During Pension Fund Blackout Periods" 17 CFR parts 240, 245 and 249 [Release No. 34-47225; IC-25909; File No. 7-44-02] RIN 3235-AI71, January 26, 2003

30.U.S. Securities and Exchange Commission, 2003, “Final Rule: Implementation of Standards of Professional Conduct for Attorneys”, 17 CFR Part 205 [Release Nos. 33-8185; 34-47276; IC-25919; File No. S7-45-02] RIN 3235-AI72, January 29,2003

31.U.S. Securities and Exchange Commission, 2003,"Final Rule: Management''s Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports” , 17 CFR PARTS 210, 228, 229, 240, 249, 270 and 274 [Release Nos. 33-8238; 34-47986; IC-26068; File Nos. S7-40-02; S7-06-03] RIN 3235-AI66 and 3235-AI79, June 5, 2003

32.U.S. Securities and Exchange Commission, 2003, "Final Rule: Conditions for Use of Non-GAAP Financial Measures.” 17 CFR PARTS 228, 229, 244 and 249 [Release Nos. 33-8176; 34-47226; FR-65; File Nos. S7-43-02] RIN 3235-AI69, January 22, 2003

33.U.S. Securities and Exchange Commission, 2003, “Final Rule: Disclosure Required by Sections 406 and 407 of the Sarbanes-Oxley Act of 2002,” 17 CFR PARTS 228, 229 and 249 [Release Nos. 33-8177; 34-47235; File No. S7-40-02] RIN 3235-AI66, January 23, 2003

34.U.S. Securities and Exchange Commission, 2003, “Final Rule: Disclosure in Management''s Discussion and Analysis about Off-Balance Sheet arrangements and Aggregate Contractual Obligations”, 17 CFR Parts 228, 229 and 249 [Release Nos. 33-8182; 34-47264; FR-67 International Series Release No. 1266 File No. S7-42-02] RIN 3235-AI70, January 28, 2003

35.U.S. Securities and Exchange Commission, 2002, Financial Reporting Release (FRR) No. 61, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

36.U.S. Security and Exchange Commission, 2003, “Final Rule: Standards Relating to Listed Company Audit Committee”, 17 CFR PARTS 228, 229, 240, 249 and 274 [Release Nos. 33-8220; 34-47654; IC-26001; File No. S7-02-03] RIN 3235-AI75, April 9, 2003

37.U.S. Security and Exchange Commission, 2003, “Final Rule: NASD and NYSE Rulemaking- Relating to Corporate Governance”, Release No. 34-48745; File Nos. SR-NYSE-2002-33, SR-NASD-2002-77, SR-NASD-2002-80, SR-NASD-2002-138, SR-NASD-2002-139, and SR-NASD-2002-141, November 4, 2003

38.U.S. Securities and Exchange Commission, 2004, “Final Rule: Additional Form 8-K Disclosure Requirements and Acceleration of Filing Date”, 17 CFR PARTS 228, 229, 230, 239, 240 and 249 [RELEASE NOS. 33-8400; 34-49424; File No. S7-22-02], March 16, 2004

39.Waggoner J. and Fogarty T. A., 2002, "Scandals Shred Investors'' Faith: Because of Enron, Andersen and Rising Gas Prices, the Public Is More Wary Than Ever of Corporate America," USA Today, May 5, 2002,
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