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National Liquidatorsused goodsA second-hand or used good is one that is being purchased by or otherwise transferred to a second or later end user. A used good can also simply mean it is no longer in the same condition as it was when it was first transferred to the current end user. With respect to a quantifiable resources, such as the charge in a battery, it also refers to something which has been partially or completely depleted. The strategy of buying used items is employed by some to save money, as they are typically worth less than the equivalent new items. Purchasing used items for reuse prevents them from becoming waste and saves costly production of equivalent new goods. Motivations for purchase include conserving natural resources and protecting the environment, and may form part of a simple living plan.SOX Section 302: Internal control certificationsUnder Sarbanes-Oxley, two separate certification sections came into effect—one civil and the other criminal. 15 U.S.C. § 7241 (Section 302) (civil provision); 18 U.S.C. § 1350 (Section 906) (criminal provision). Section 302 of the Act mandates a set of internal procedures designed to ensure accurate financial disclosure. The signing officers must certify that they are “responsible for establishing and maintaining internal controls” and “have designed such internal controls to ensure that material information relating to the company and its consolidated subsidiaries is made known to such officers by others within those entities, particularly during the period in which the periodic reports are being prepared.” 15 U.S.C. § 7241(a)(4). The officers must “have evaluated the effectiveness of the company’s internal controls as of a date within 90 days prior to the report” and “have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date.” Id.. Under both Section 302 and Section 404, Congress directed the SEC to promulgate regulations enforcing these provisions. (See Final Rule: Management’s Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, Release No. 33-8238 (June 5,2003), available at http://www.sec.gov/rules/final/33-8238.htm.) External auditors are required to issue an opinion on whether effective internal control over financial reporting was maintained in all material respects by management. This is in addition to the financial statement opinion regarding the accuracy of the financial statements. The requirement to issue a third opinion regarding management's assessment was removed in 2007.SOX Section 404: Assessment of internal controlThe most contentious aspect of SOX is Section 404, which requires management and the external auditor to report on the adequacy of the company's internal control over financial reporting (ICFR). This is the most costly aspect of the legislation for companies to implement, as documenting and testing important financial manual and automated controls requires enormous effort. Under Section 404 of the Act, management is required to produce an “internal control report” as part of each annual Exchange Act report. See 15 U.S.C. § 7262. The report must affirm “the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting.” 15 U.S.C. § 7262(a). The report must also “contain an assessment, as of the end of the most recent fiscal year of the Company, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting.” To do this, managers are generally adopting an internal control framework such as that described in COSO. Both management and the external auditor are responsible for performing their assessment in the context of a top-down risk assessment, which requires management to base both the scope of its assessment and evidence gathered on risk. In late 2006 a new audit standard was proposed by the PCAOB to help alleviate the significant costs of compliance and better focus the assessment on the most critical risk areas. On July 25, 2007, the Public Company Accounting Oversight Board (PCAOB) approved Auditing Standard No. 5 [18] (AS5), which superseded Auditing Standard No 2. (AS2), and has the following key requirements for the external auditor: Assess both the design and operating effectiveness of selected internal controls related to significant accounts and relevant assertions, in the context of material misstatement risks; Understand the flow of transactions, including IT aspects, sufficient enough to identify points at which a misstatement could arise; Evaluate company-level (entity-level) controls, which correspond to the components of the COSO framework; Perform a fraud risk assessment; Evaluate controls designed to prevent or detect fraud, including management override of controls; Evaluate controls over the period-end financial reporting process; Scale the assessment based on the size and complexity of the company; Rely on management's work based on factors such as competency, objectivity, and risk; The auditor is allowed to rely on knowledge from prior audits; Evaluate controls over the safeguarding of assets; and Conclude on the adequacy of internal control over financial reporting. The recently released SEC guidance [19] is generally consistent with the PCAOB's guidance above, only intended for management. After the release of this guidance, the SEC required smaller public companies to comply with SOX Section 404, companies with year ends after December 15, 2007. Smaller public companies performing their first management assessment under Sarbanes-Oxley Section 404 may find their first year of compliance after December 15, 2007 particularly challenging.SOX Section 802 Criminal PenaltiesSection 802(a) of the SOX, 18 U.S.C. § 1519 states: “ Whoever knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the investigation or proper administration of any matter within the jurisdiction of any department or agency of the United States or any case filed under title 11, or in relation to or contemplation of any such matter or case, shall be fined under this title, imprisoned not more than 20 years, or both. |
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