Control and Procedures Literature & Language Coursework (Coursework Sample)

Controls and procedures
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Control and procedures
The Sarbanes-Oxley Control and Procedures are the requirements, measures, and guidelines that are to be followed by Amazon in an attempt to minimize the fraud occurrence and other significant corporate scandals that may arise. These procedures apply to the accounting and financial departments since they are involved in data acquisition and storage. Each of the departmental officials is assigned responsibilities which are in accordance with the Amazon Sarbanes-Oxley Act of 2002. The CFO is mandated to approve and sign all financial reports and statements as well as the tax return of the corporation he is entitled. The CEO has similar responsibilities as the CFO. The Controller is an assistant to the CEO or the CFO in the preparation of financial statements (Bamber, & Bamber, 2006).
The Sarbanes-Oxley compliance procedure activity involves mainly the internal control system plan and corporate responsibility plan. The Amazon’s internal control structure and procedures feature prominently in Section 404 of the SOX act. This section requires a publicly-held company’s auditor to attest to and report on management’s assessment of its internal control. The standards used by the auditors are prescribed by the Public Company Accounting Oversight Board (PCAOB). The AICPA has consistently urged on the implementation of Section 404(b) for all publicly held companies in the belief that all investors should have equal benefits as well as protection (Zhang, 2007). Greater transparency and improved financial reporting have been achieved in the process and the business operations remain successful in the long run.