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Enron and SOX:The absence of transparency and accuracy leading to the Enron Essay

Category: Finance & Accounting Pages: 6 Type: Essay Level: Master
The auditors have several duties and responsibilities which entails precision, efficiency and judgment.
Auditors provide management information to the senior management, consolidation of Annual Operating Plan and Quarterly Profit Estimates for all departments, tax advisory and tax planning, continual improvement to finance systems, establish policies and provide guidance, contribute to establishing robust financial control environment across the different departments and promote consistency and align various departments with companies' finance infrastructure.
Any issues that affect or endanger the company's financial information are discussed to the senior management by the auditor through presenting documentations and financial statements to back up their position.
Advisory on recent developments in regulatory framework with emphasis on Sarbanes - Oxley and establishing policies across the different departments is also a part of the functions of the auditor. Management Information Finance provides an array of MI to companies' senior management.
This information is both statistical and financial in nature while the frequency of requirement varies from designated intervals to ad-hoc. Further, analyses are made based on historical data as well as forecast data there by creating models for the future operations of the employees and management.
While new accounting policy like Sarbanes-Oxley have required companies to take a harder look at their controls over financial data, this has not produced a significant fraud prevention result. At the end of the day, Sarbanes-Oxley requires little substantive development in the way company's documentation and account financial information.
The procedure of complying with the