Accounting Reporting Criteria

The contretemps event of the Enron and Tyco was the manifest that the Government bodies should ensure that the financial statements submitted by the organizations and industries ar incorruptible and veracious. In 2002, to verify this act is flop done, the Congress passed the Sarbanes Oxley Act (SOX). The Act described the requirements for financial describe for public corporations is to be overseen by the Securities and Exchange Commission. The Sarbanes Oxley Act requires all in all the public limited companies to establish and maintain very stiff laws regarding the financial reporting and accounting.

The cardinal major aircraft rivals worldwide are the Airbus and Boeing. These two aircrafts are entirely two opposite corporations with different inside go overs. Boeing is a domestic corporations and the Airbus is an international corporations. The following publisher will contain the comparison and differentiation of the regulatory environments of these two corporations.

The Boeing Company is very strict about their regulatory administration and it is working their best to meet all the requirements of the SOX acquiescence. Boeing has takeed solid resources in order to assure that the company is SOX compliant. One of these resources is the unified Audit organization. The Corporate Audit organization reviews the entire agreements of the internal controls and assures that all the organizations are following the SOX act accurately and the system is functioning as intended.



These reviews are very essential in order for the organization to correct any divaricating figures and forward it to external audits.

Most of the organizations within Boeing have Regulatory Governance groups that employ subject matter experts (SME?s). Some of these SME?s are Boeing employees and around are contract employees from PricewaterhouseCoopers, Jefferson Wells, and other companies. Their role is to help the control performers understand the controls, the audit process, and the requirements for SOX. Often...

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