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Continuous Auditing, 2004.
This paper discusses continuous auditing, which is defined as real-time reports issued simultaneously or a short time after the events, using electronic gathering of data and events, the only means to provide a proper audit process.
800 words (approx. 3.2 pages), 4 sources, APA, $ 28.95
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Abstract
This paper explains that the traditional financial reports and the traditional audit style sometimes prove not enough because they lack the essential thing in today?s business environment, updated information; therefore, continuous auditing seems to be getting more and more followers. The author points out that some of the drivers of continuous auditing are a better monitoring of financial issues within a company, ensuring that real-time transactions also benefit from real-time monitoring, prevention of financial fiascoes and audit scandals such as Enron or Andersen, and use of software to determine that financial controls are properly done. This paper stresses that continuous auditing involves a large amount of work because the company practicing continuous auditing will not provide one report at the end of a quarter, but will provide financial reports on a day-to-day basis.
From the Paper
"The Sarbanes- Oxley Act was passed on the 30th of July 2002 with the declared goal of ?deterring and punishing corporate and accounting fraud and corruption?. As we have seen in the lines here above, continuous accounting aims exactly at providing a more secure platform in order to avoid fraud and a real-time process that is aimed at ensuring high-level financial control. In order to explain the benefits from continuous auditing with regards to Sarbanes-Oxley Act, we can use one of the examples given on one of the articles from www.cfo.com, which uses Crown Media for the case study."
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SAS Number 99 and the Corporate Audit, 2004.
A look at the new accounting standards issued by the American Institute of Certified Public Accounts as a result of the Enron scandal.
1,036 words (approx. 4.1 pages), 2 sources, MLA, $ 36.95
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Abstract
This report attempts to explain how the new American Institute of Certified Public Accounts SAS No.99 will change the way accounting firms will be required to conduct corporate audits. The paper outlines the objectives of the new standards, the fundamental areas they are to focus upon, and key provisions, and then explains how these standards will help both external and internal auditors eliminate the possibility of fraud in corporate offices.
From the Paper
"As can be expected, the Enron collapse in Texas and the WorldCom scandal in Mississippi have each dramatically demonstrated how critical it is that regulating bodies ensure that Corporate America provides high quality, trustworthy, and reliable financial reporting. ?The 40-year-old accountant is accused of creating and managing the complex web of partnerships that disguised the true state of affairs at the disgraced energy firm.? (BBCi, Enron finance chief denies charges) Enron basically opened America?s eyes into what may actually be going on in many organizations throughout our nation. The philosophy of everyone must be doing it was confirmed only a few short months later when the chief financial officer of the telecoms giant WorldCom was indicted because of another multi-billion dollar accounting fraud. ?The company's collapse followed exposure of an accounting fraud, now put at $7.68bn (?5bn), which made the company look profitable when it was not.? (BBCi, "Ex-WorldCom finance boss indicted")"
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Ratio Analysis, 2004.
This paper discusses various accounting ratios used in Ratio Analysis.
1,440 words (approx. 5.8 pages), 5 sources, MLA, $ 47.95
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Abstract
This paper explains that Ratio Analysis is an early warning indicator that enables the business owner and manager to spot trends in a business and to compare its performance and condition with the average performance of similar businesses in the same industry. The author relates that Ratio Analysis is done by comparing the specific company?s ratios with the average of similar businesses and comparing the business?s own ratios for several successive years, watching especially for any unfavorable trends that may be starting. The paper states that the current ratio measures the ability of the firm to pay is current bills, while still allowing for a safety margin above the required amount needed to pay current obligations.
Table of Contents
Liquidity Ratios
Current Ratio
Quick Ratio
Net Working Capital
Activity Ratios
Days Sales Outstanding
Average Payment Period
Fixed Assets Turnover
Total Asset Turnover
Inventory Turnover
Debt Ratios
Debt Ratio
Debt to Equity Ratio
Times Interest Earned
Fixed Payment Coverage Ratio
Profitability Ratios
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Investment
Return on Equity
Earnings per Share
From the Paper
"The ROI is determined by multiplying the Total Asset turnover by the Net Profit Margin. The figure is meaningful because it shows how well a company uses its assets to generate profits,. The basic formula is as follows:
ROI = Total Asset Turnover x Net Profit Margin
The DuPont method allows the firm to break down its return on investment into a profit on sales component and an asset efficiency component. Typically, a firm with a low net profit margin would have a total asset turnover. The relationship between the net profit margin and Total Asset turnover is largely dependent on the industry the firm operates."
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Instructional Plan Income Statement, 2004.
This instructional paper consists of detailed instructions for preparing a simple income statement.
2,748 words (approx. 11.0 pages), 4 sources, MLA, $ 82.95
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Abstract
The paper is designed to meet the specific needs of a client (a female shoe store owner) who requires instruction in completing the income statement for her small business. As such, the instructions are geared to the client's level of expertise in the area of accounting and focus largely on enabling the client to prepare her income statement with minimal assistance from professional sources such as an accountant, thus potentially reducing her expenses.
From the Paper
"This lesson is necessary to help my client in two important areas. The first benefit is practical, as my client will save a significant amount of money by learning to develop her own income statement, rather than relying on the expertise of professional accountants. The client has currently clearly indicated to me that they do not have the specific knowledge that is required to complete this task, and I feel that this instructional paper will fulfill this pressing need. The second benefit is less immediately tangible, and is simply geared at improving my client's general understanding of the accounting practices of her firm. I believe that this instructional paper will improve her overall knowledge about her business' finances, and as such may have unforeseen benefits in helping her to manage financial aspects like cash flow, spending, and budgeting."
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Executive Compensation and Stock Performance, 2004.
Evaluation of the "Agency Theory" that led to expansion of stock options in executive remuneration packages.
5,024 words (approx. 20.1 pages), 11 sources, MLA, $ 126.95
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Abstract
This report evaluates whether or not the hypothesis at the heart of the "Agency Theory", which states that if an executive is given an ownership stake, it will have a positive effect on stock performance, works as expected. Furthermore, this paper tracks the increasing use of the "Agency Theory" in executive compensation and enumerates and evaluates the effects that the increasing use of the "Agency Theory" has had on American business and on stock performance. The paper also evaluates the effect of what has been described as ?over the top? use of increasingly generous, stock-dependent, executive compensation packages, both on stock performance and on other business evaluative factors. The effect of the scandals involving executive compensation/stock performance on the social/commercial fabric of the U.S. is discussed briefly, as well.
Outline
The "Agency Theory", Executive Compensation and Stock Performance
The Effect of Pay on Executive Motivation
The Effect of FASB Rules on Compensation/Stock Performance
From the Paper
"In the wake of the Enron, ImClone and WorldCom financial scandals, the increasing use of stock options as part of executive compensation packages came under public scrutiny. Because of the lax was in which FASB guidelines are written, it was possible, lacking adequate corporate governance, for CEOs to use their stock options to increase their personal wealth while diminishing the strength of the corporation and decreasing?or completely negating?benefits for shareholders. In addition to the problematical FASB rules, also operative was a management theory, the Agency Theory, formulated by academicians and economists in the last century. The theory held that giving executives a financial stake in the financial health of the company would increase their motivation to run those companies for maximum profits for shareholders; in short, this form of executive compensation was thought to be able to produce superior stock performance. The findings of several researchers even before the scandals of the past few years, however, revealed that results often departed wildly from what the theory predicted."
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Ethics in Financial Management, 2004.
Addresses areas of concern for investors in mutual fund management companies.
3,343 words (approx. 13.4 pages), 12 sources, APA, $ 95.95
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Abstract
In the summer of 2002, when Congress was attempting to decide how to clean up the shady financial practices of corporate America, mutual fund company lobbyists convinced lawmakers to exempt their area of the financial services industry. Since then, this industry has occupied center-stage in the spotlight targeted at ethical problems in financial management. This paper shows that there are a number of important ethical issues that have been ignored by mutual fund managers and their firms, issues that are of great concern to investors, legislators, and regulators. These areas of concern include conflicts of interest, director independence, and transparency of fee and expense reporting.
From the Paper
"There is a notable lack of independence among the members of the boards of directors who are supposed to be making sure mutual funds are run in the best interest of the investors. The watchdog role of a fund?s board of directors theoretically includes not only watching the big picture, but also the minutiae of the funds? service contracts, operations and investment policies. These board members should be free of potential conflicts of interest in order to play the biggest role possible in making sure the best interests of their funds? shareholders are served."
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Stock Options, 2004.
This paper discusses stock options, a contract offered by the employer that gives an employee the right to buy or sell a certain number of shares in the company at a specific price within a certain period of time.
955 words (approx. 3.8 pages), 5 sources, APA, $ 33.95
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Abstract
This paper explains that stock options have been hailed as a great way to share ownership, attract and retain employees in a tight labor market, and "fuel the entrepreneurial fire?; but, at the same time, they have been condemned as a major cause of the high-profile business scandals during 2000-01 and the subsequent down-turn in the U.S. stock markets.
The author points out that another attraction of stock options from the employees? point of view is that the only capital gains tax is applicable on gains made from stock options. The paper relates the future of stock options does not appear bright because of accounting changes requiring firms to reflect the cost of stock options in their earnings as expenses by 2005.
Table of Contents
What are Stock Options?
History of Stock Options
Advantages of Stock Options
Disadvantages
Future of Stock Options
From the Paper
"Stock options first began to appear in the US businesses in the 1950s, but at the time they were generally modest in size. The trend of offering stock options (particularly to the top managers) began to take off in the late 1980s and by the turn of the century the typical CEO of financial sector firm was receiving stock options worth $55 million a year?more than 30 times his salary. (Shapiro, 2002). The offer of stock options became more widespread and the NCEO estimated that as of 2001, up to 10 million employees were receiving stock options in the US."
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The CPA Profession, 2004.
This paper discusses recent changes in the CPA profession.
1,100 words (approx. 4.4 pages), 2 sources, MLA, $ 38.95
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Abstract
This paper explains that the 1990s saw a significant fall in the attractiveness of the accounting profession among students as noted by a 25% drop in accounting degrees in just 4 years from 1996 to 2001 in the United States. The author points out one of the reasons for this decline is that the educational model for accounting professionals had not been able to cope effectively with the rapidly changing business environment. The paper relates that stricter auditing and accounting rules in the Sarbanes-Oxley Act and the high expectations of the corporate stakeholders about fraud detection have forced the CPAs to make the required adjustments in the educational model, examination, and training of accountants.
Table of Contents
Downturn in the Accounting Profession
Effect of the Business Scandals
Sarbanes-Oxley Act and Its Effect on CPAs
Restoring Their Image
Focus on Ethical Issue
Revival of the Auditing Function
Conclusion
From the Paper
"In the 1990s, the accounting profession had de-emphasized the audit function in favor of accounting services to a large extent. This trend has reversed in the changed regulatory environment as more people than ever before now expect CPAs to detect and report fraud while reviewing financial statements. Although performing the role of the industry?s watchdogs is a challenging task, the CPAs and their professional associations seem to be aware of the requirements and are taking the necessary steps for upgrading of the accountants? auditing skills."
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Health Care Financial Statements, 2004.
This paper discusses accounting methods used by health care organizations to evaluate their financial statements
1,145 words (approx. 4.6 pages), 6 sources, MLA, $ 39.95
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Abstract
This paper explains if accounts and financial statements are not maintained, then a check on the company?s profit and loss or simple money expenditures cannot be analyzed. The author points out that, even though a check on an organization?s financial statement is kept by the accounts department, it is important that the managers understand and keep a check on these reports. The paper relates that members of a health care organization can make use of the guidelines put forward by the AICPA to evaluate the financial statements.
From the Paper
"Healthcare organizations deal with a huge mass of people every day. The cash flow statements, the profit and loss account and the balance sheet unveil the potency and feebleness of such organizations. Budgeting can be easily accomplished with the help of financial statements. Budgeting allows healthcare organizations to plan and utilize people?s resources, productive aptitude and finance to the fullest."
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The Sarbanes-Oxley Act, 2004.
This paper discusses the ?Sarbanes-Oxley Act?, a comprehensive corporate reform package signed into U.S. law on July 30, 2002.
1,670 words (approx. 6.7 pages), 6 sources, MLA, $ 54.95
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Abstract
This paper explains that the Sarbanes-Oxley Act came about because of the bankruptcies of Enron, Global Crossing, Adelphia, and WorldCom. These companies had hidden their true financial health from creditors and shareholders until an inability to meet financial commitments forced them to restate earnings that revealed massive losses. The author points out that a disadvantage of this Act is that the corporate sector in the United States is already sufficiently regulated, making it one of most tightly controlled in the world. The paper relates that the Sarbanes-Oxley Act restores the all-important role of the auditors as corporate ?watchdogs?, which is desirable for ensuring compliance with the prescribed accounting standards, and expands the role of the audit committee by making it responsible for appointing and overseeing the performance of the internal auditors.
Table of Contents
Introduction
Background
Accounting Problems that Led to Sarbanes-Oxley
Advantages of the Act
Disadvantages of the Act
Effect of the Act on the Future of Accounting Profession
Opinion
From the Paper
"One of the provisions of Sarbanes-Oxley makes the chief executive officers (CEOs) and chief financial officers (CFOs) personally responsible for signing false accounts and financial statements. They can now get stiff jail terms for violating the law by signing false and misleading financial statements. Before Sarbanes-Oxley many CEOs and CFOs pleaded innocence when financial irregularities were revealed by claiming that they were unaware of the ?cooking? of the books by their subordinates."
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The Euro, 2004.
This paper discusses the effects of the euro on participating countries, especially Finland, and, based on secondary research, concludes that the UK would benefit by joining the European Monetary Union (EMU).
6,925 words (approx. 27.7 pages), 10 sources, APA, $ 156.95
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Abstract
This paper explains that the introduction and implementation of the euro has done much to integrate the national financial markets, leading to higher efficiency in the allocation of capital in Europe, with EMU members benefiting from an increase in intra-European trade flows and higher capital investment resulting from the development of a single currency. The author points out that a single currency is now an important complement to the Single European Market, which is quickly making the European Union a more powerful player in the global economy. The paper stresses that the single unit of account reduces transaction costs and eliminates a portion of the fixed costs involved in issuing similar securities in multiple currencies, serving to moderate home bias in borrowing and lending, and leading to larger, more-liquid, and more-diversified financial markets.
Table of Contents
Introduction
Objectives
Appropriateness of Analysis
Methodology
Literature Review
Aims of the Euro
How the Euro Has Affected Finland
The Euro and the UK
Discussion and Analysis
The Domestic Dimension
The Regional Dimension
The Global Dimension
Conclusion
From the Paper
"The common currency will ultimately speed up the integration of the EU countries. With a single currency, a single monetary and interest policy, the countries in the euro zone are more dependent on one another than they ever were. The single currency is slated to become an outward sign of European identity. Thus, national economic policies must remain sufficiently flexible to react to different situations. However, better coordination is necessary to avoid future problems. Europe's increasing power in monetary and financial questions will for also have positive effects on the EU's scope for foreign policy action. A Europe with fewer internal borders and in which people use the same currency from will have a new quality quite different from the Europe of the past."
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The Valuing of Mining Projects, 2004.
This paper is a literature review and a research proposal to study the way mining projects currently are valued and to demonstrate the need for changing this method.
12,500 words (approx. 50.0 pages), 50 sources, MLA, $ 239.95
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Abstract
This paper explains that capital allocation is extremely important to mining, and the efficiency and effectiveness with which this capital is allocated will be greatly affected by the valuation of a project. The author points out that determining the best method is not the purpose of this paper; rather, using a primary and secondary approach, the study will examine current practices, review the various financial principles and methods that are currently available, and derive ideas for solutions that are somewhat more in favorable. The paper demonstrates that both the commercial and the technical aspects that have to do with mining investments have always been very high risk; however, in recent years, new elements of political risk are being created by the United States, which is considering changes in some of the mining laws that will be more stringent, making mining even more economically risky. Tables and graphs.
Table of Contents
Introduction
Statement of the Problem
Purpose of the Study
Importance of the Study
Rationale for the Study
Overview of the Study
Review and Analysis of the Literature
Methodology
Data Analysis
From the Paper
"Larger companies, naturally, are much more sophisticated in the ways that they analyze their capital budgets. Companies that have sales greater than 500 million often use combinations of all three of the DCF techniques that are available. Many of these companies also performed escalated dollar analyses and constant dollar analyses that depended not only on financing alternatives but also on time constraints. Companies also used even more advanced techniques in performing various valuations into mining projects, but this was not seen to be on a consistent basis. Some of these techniques included computer simulations on various investment activity similar to Monte Carlo analyses and a specific way of utilizing options pricing into valuing of copper properties."
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Accountancy, 2004.
A research proposal for a paper on British and American accounting practices.
6,158 words (approx. 24.6 pages), 12 sources, MLA, $ 144.95
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Abstract
This paper outlines the various methodologies of accounting practices and principles that are being followed in the United Kingdom. It provides an on-the-spot analysis of the Generally Accepted Accounting Principles followed in the UK, better known as the UK GAAP, and also looks at the various differences in accounting principles followed within the United Kingdom and the United States of America. It examines issues of key importance, with reference to both the UK GAAP and the US GAAP, and defines the role and scope of various bodies that regulate the practice and principles of accounting.
Outline
Introduction
Background
Literature Review
Aims and Objectives of the Research
Methodology
Data Analysis
Time Scale
Conclusion
From the Paper
"Accounting has gained special and a very exceptional significance in the recent past. Until now it was a mere process that involved a series of cumbersome, time consuming and ongoing activities that related to bringing to book financial transactions related to companies across the globe. A good number of prescribed methods and standards needed to be adhered so as to make the ?operation by the book? and largely acceptable. The year 2001 saw a string of nasty and well orchestrated financial scandals and trickery across the United States of America, in particular, and various other countries in general. In the light of these carefully premeditated nefarious designs being uncovered, the accountant and the bookkeeper, hitherto mere management functionaries who operated more with the pen and mind than a collection of principles and standards, were shot into the limelight and under the scanner of a few dozen investigating agencies and accounting firms."
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Ethics in Managerial Accounting, 2004.
A discussion of recent scandals in managerial accounting in the U.S.
1,761 words (approx. 7.0 pages), 11 sources, MLA, $ 56.95
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Abstract
This paper looks at the changes needed within accounting practices in light of the recent scandals at Enron and Arthur Andersen. The writer explores the new rules, which have become standard practice in the past few years.
Contents
The Constituencies
Investors
The public
Employees
Managers and executives
CPAs
Auditors
Financial advisors
Governing Bodies
SEC
FASB
GAO
IRS
Congress
From the Paper
"There are those doing a lot about the question of ethics in managerial accounting, and those doing little or even creating more opportunities for unethical behavior. If the loopholes are shut down here, will companies go overseas to grease the wheels of commerce? Possibly. Global ethics are not quite as demanding in many parts of the world as most constituencies would like to see them here. (Bray, 2000) Or possibly not. Enron marched across India with its financial sleight-of-hand, injuring that nation?arguably?as it did this one. Perhaps there are ethics watches going on globally in the aftermath."
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Account Reporting, 2004.
A review of SEC Chairman Levitt's report on earnings management, using specific company examples.
1,224 words (approx. 4.9 pages), 9 sources, MLA, $ 41.95
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Abstract
The purpose of this paper is to provide examples of companies that engaged in some form of earnings management between 1992-2001 and identify which of Levitt?s reporting illusion categories they illustrate. The reporting illusions identified by Levitt are as follows: ?big bath restructuring charges?; creative acquisition accounting; ?cookie jar? reserves; ?immaterial? misapplications of accounting principles; and premature recognition of revenue.
From the Paper
"?Big bath restructuring? charges are when large charges associated with company restructuring occur to help companies clean up their balance sheet. Companies do this when earnings take a major hit, thinking that Wall Street will look beyond a one-time loss and focus then only on future earnings (Levitt 1998). ?Creative acquisition? accounting is when a company classifies an ever-growing portion of the acquisition price of a merger as ?in process? research and development so the amount can be written off as a one time charge removing any future earnings drag (Levitt 1998). Also done is the creation of large liabilities or future operating expenses to protect future earnings done under the mask of an acquisition (Levitt 1998). What Levitt termed as ?cookie jar reserves? is when a company uses unrealistic assumptions to estimate liabilities for things like warranty costs, loan losses or sales returns (1998). In effect, this stashes accruals into a cookie jar when can be raided when needed in the bad times."
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The Impact of Distance Learning in Accounting Higher Education, 2004.
Introduces a research study on the impact distance learning has had on the teaching of accounting in higher education.
1,453 words (approx. 5.8 pages), 3 sources, MLA, $ 48.95
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Abstract
This paper introduces a study that is intended to analyze whether, in the field of accounting, distance learning represents the best method of teaching, as compared to more conventional modes of teaching accounting, such as full-time study with more regular contact with teachers.
From the Paper
"Distance learning has grown in popularity amongst students over recent years, for many reasons, one of which has to be the rise of the internet and its application to distance-learning implementation. In addition, people who wish to study, but who are unable to study full-time for various reasons (for example, needing to work, needing to look after a family etc.) have discovered the flexibility of distance learning, and have begun to take advantage of the potential of distance-learning. In addition, distance learning courses are also usually a great deal cheaper then full-time courses, and for this reason, they also offer an excellent opportunity for a great number of people, who had considered study in the past, but who were put off by time constraints, and also the high cost of education."
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HealthSouth Accounting Irregularities, 2004.
Oral presentation presented by an independent auditor of the HealthSouth Corporation regarding its alleged accounting irregularities.
766 words (approx. 3.1 pages), 4 sources, MLA, $ 27.95
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Abstract
This paper is an oral presentation of the findings of an independent auditor of the HealthSouth Corporation. The audit concerns a 300-million-dollar refund HealthSouth is seeking from the federal government on the over-inflated profits it reported on its assets. The auditor asserts that no indications of Medicare fraud were found and that the over-inflated profits reported by the company were a result of HealthSound projecting assets not truly expected to incur, as well as a refusal to take into consideration the costs of the company (reporting only money accrued, rather than actual profits. This, in turn, was facilitated by the bureaucratic nature of the medical industry, where reporting of costs, payment of bills, and administrative costs are often delayed because of the nature of health care providers. The paper concludes by stating that HealthSound has not been negatively impacted by the allegations of securities fraud and that it is, and will continue to be, a sound company because of the quality its product.
From the Paper
"As a part of this presentation, I, as an independent auditor commissioned by the committee of the firm representing the HealthSouth Corporation, wish to make clear that the company I have just audited, though tarred and feathered by the modern media, is not nearly at fault as one might initially believe, given the nature of the following components peculiar to the health services and health care industry. Although HealthSouth?s supposed irregularities may have been elided in the public imagination with corporations such as Enron, it is not an ?imaginary corporation.? Mistakes were made, but these mistakes should not cause individuals to forget the ongoing quality of care still provided by the company."
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LIFO and FIFO Accounting Methods, 2004.
This paper discusses two accounting solutions to the inventory problem: FIFO, ?First-in, first-out? and LIFO ?Last-in, first-out?.
1,255 words (approx. 5.0 pages), 3 sources, APA, $ 42.95
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Abstract
This paper explains that, in inflationary times, LIFO users will report higher cost of goods sold and, hence, less taxable income than if they used FIFO. The author points out that the system of LIFO has the potential to encourage merchandise to pile up in warehouses, and most countries outside the U.S. largely reject it as an option for public companies. The paper relates that Wal-Mart and Target, both year-round, discount, retail operations not subject to seasonable flux or to the dangers of perishable goods, use the LIFO accounting methodology.
Table of Contents
The Impact of the Financial Statements
The Impact on the Firm's Current Ratio
The Method Used by the Company's Major Competitor or the Industry as a Whole
Does LIFO Make Sense for this Company?
From the Paper
"When calculating an inventory under the FIFO method, the inventoried goods sold are the oldest produced or purchased by the company. LIFO uses the opposite method. Instead, the inventoried goods sold are the goods most recently produced or purchased. LIFO suggests that companies always want to sell their newest inventory, even if they still have old stock sitting around. Lofton points out that ?LIFO's a very American answer to the problem of inventory valuation,? because in times of rising prices, it can lower a firm's taxes through generating figures of lower taxable income."
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The Sarbanes-Oxley Act of 2002, 2004.
Discusses the Sarbanes-Oxley Act, which was designed as a response to the wave of corporate fraud cases that riddled the corporate landscape in America in 2002.
5,095 words (approx. 20.4 pages), 10 sources, MLA, $ 128.95
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Abstract
This paper looks at the Sarbanes-Oxley Act that was enacted in order to rectify the constant corporate scandals, fraud, and failures sweeping across the United States. The paper discusses the purpose of the Act, outlines its contents, explains exceptions to the Act that apply to foreign companies, and includes a timetable chart for its implementation. Issues such as independence and corporate responsibility, independence within the accounting profession, accountability and disclosure, and how the Act affects banking organizations that are non-public are also discussed in this paper.
From the Paper
"The Sarbanes-Oxley Act is aimed at private companies by definition, as Section 108 on Accounting Standards implies. However, despite this seemingly straightforward definition, non-public banking companies are finding themselves under the jurisdiction of the Act based on their former standing with regard to SEC and FDIC regulations."
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