In response to alleged
improprieties by Enron, WorldCom and other major U.S. companies, the President signed into law, on July 30, 2002, the
Sarbanes-Oxley Act of 2002. The Act creates a quasi-governmental entity to oversee and to
regulate publicly traded companies and the accountants that audit
them. Its purpose is to
enhance the integrity and reliability of financial information available
to stockholders and investors by increasing the number of independent
parties responsible for issuing the financial statements, strengthening the
independence of those already involved in the process, and providing for serious sanctions for violation of accounting and reporting rules.
The independence issue is
of particular importance under the new law. Accounting firms that audit publicly
traded companies are prohibited from providing certain non-audit
services to those that they audit. The
prohibited services are:
RTA provides non-audit services to publicly traded companies at very competitive rates. If your organization has a need for bookkeeping, valuation, internal audit, or management services, and your current auditor is prohibited from providing such services, please consider us. Our background and experience also qualifies us to provide tax preparation and other compliance services to your company.
© Romito, Tomasetti
& Associates, P.C.