Audit Manager Mock Interview
Master 23 Audit Manager interview questions covering risk assessment, team leadership, and regulatory compliance.
Question 7 of 23
Explain how the Sarbanes-Oxley Act changed the auditing profession.
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Brian Schuchart is a CPA and Senior Finance Business Partner. His professional experience includes senior management roles with NBC Sports, Virtual Health, and the Children's Hospital of Philadephia.
The Sarbanes-Oxley Act is major legislation passed in 2002 that substantially changed the accounting and auditing professions. It was enacted in response to major fraud scandals such as Enron and WorldCom. The interviewee should know the Act in detail, as it is a key driver of the profession, but a summary here will suffice.
Brian Schuchart is a CPA and Senior Finance Business Partner. His professional experience includes senior management roles with NBC Sports, Virtual Health, and the Children's Hospital of Philadephia.
"The Sarbanes-Oxley Act was passed into legislation in 2002 in response to fraud scandals like Enron. The goal of SOX was to protect investors and employees from fraudulent reporting. As a result, there is a greater onus on auditors to provide assurance that financial statements are free of material misstatement. For example, auditors are now required to test a company's internal controls and report on their effectiveness. Additionally, there are stricter requirements for financial statement disclosures."
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