Evaluate the level of SOX regulations that apply to for-profit and not-for-profit health care organizations, indicating whether or not mandating SOX requirements for non-profits might reduce fraud and increase corporate governance. Provide support for your rationale
Sarbanes-Oxley Act of 2002 (SOX) refers to the law that concerns the disclosure of finances by public accounting firms in the U.S. There are different laws that are used for both profit and non-profit organizations in the healthcare field. SOX is one of the laws and the healthcare organizations are expected to comply with the law. Healthcare organizations should ensure that they are SOX compliant through analysis and strengthening of the internal controls, developing and implementing strong computer security policies, and defining and addressing the potential conflicts of interest issues. The SOX law practices include internal reporting control, programs for whistleblowers, audit committee, the majority of independent directors and code of conduct and business ethics (Zajac, 2014). If the provisions of SOX are implemented properly, it can be beneficial for both profitable and non-profit organizations in the healthcare sector.
The requirements of SOX are implemented in a careful and complete manner since the results are beneficial for the company. It covers issues concerning corporate governance making sure that the functions of the audit are performed effectively and the financial statements reflect the accurate position of the organization (Viacava, Gordon, Goldstein,
Artificial Intelligence: Navigating the New Era of Accountants
Artificial Intelligence (AI) has taken the role of game-changer in business and particularly accounting firms for a dozen years. Accounting researchers facilitated by multifarious AI-related technologies and techniques conducted the financial reporting and analysis successfully (Lam, 2004). This research will examine the relationships between accountants and AI as well as the approaches that accountants can take advantage of AI in terms of efficiency, productivity, and employability. The mastery of professional skills related to AI will improve the work efficiency, productivity, and employability of accountants, leading to comprehensive accounting talents, which is of great significance. (word count: 94)
1. What are the relationships between accountants and artificial intelligence?
2. How accountants can hook up to advantages of artificial intelligence？
1. If accountants are competent in the use of AI-related techniques, they can increase efficiency and boost productivity.
2. If accountants can acquire critical certificates, they are more likely to enhance the employability.
In the past few decades, technologies and techniques that focused on creating AI-based systems have evolved. Plus, Academia and business world have also been discussing the conceptualization and practicality of AI. This epoch-making technology eventually brought some procedural changes to the whole business field, especially the expert system in the accounting field which includes auditing, taxation, and assurance (Issa, Sun