Analysis Of Sarbanes-Oxley Act (SOX)

We human beings have been gathering data since the dawn of mankind, whether it was in the form of pictures drawn on stones or in the form some text typed and saved on your computer.

In 1996, the HIPPA act was passed. Health Insurance Portability and Accountability Act (HIPAA), which was directed to improve the areas in the health field. For instance, lowering the number of errors and mistreatment, for individuals to have the access to transfer health coverage according to their present situation, and most importantly it monitors security and confidentiality information to ensure its being controlled in an accurate manner. This act gives congress ability to govern financial matter such as, federal level funding processes pertaining to different health documentation. Providing quality care while protecting patient’s information is a priority controlled under HIPAA, which accepts collaboration with all state and federal

Health Insurance Portability and Accountability Act or HIPAA is a statute endorsed by the U.S. Congress in 1996. It offers protections for many American workers which improves portability and continuity of health insurance coverage. The seven titles of the final law are Title I - Health care Access , Portability, Title II - Preventing Health Care Fraud and Abuse; administrative simplification; Medical Liability Reform; Title III – Tax-related Health Provisions; Title IV – Application and

In 1996, Congress passed the Health Insurance Portability and Accountability Act, also known as “HIPAA.” HIPAA establishes national standards to protect individuals’ medical records and other personal

The Health Insurance Portability and Accountability Act also known as HIPAA was first signed into law on the federal level in 1996. Since it was signed into law it has had a huge effect on patient’s privacy, healthcare workers and even insurance company’s. “HIPAA is intended to improve efficiency throughout health care and requires that health care providers adhere to standardized national privacy and confidentiality protections.” (OMA p .236). It’s an invaluable tool that has created a standard of compliance across the healthcare field.

The Health Insurance Portability and Accountability Act (HIPAA) of 1996 was created, in part, to make health insurance portable in an attempt to address the problem of the growing amount of people that are uninsured and underinsured (NASW,2002). The Act allows a person with preexisting medical issues to get health

Health Insurance Portability and Accountability Act of 1996 (HIPAA) – Regulations protecting the privacy and security of certain health information

However, the application of SOX has brought on regulations that public companies must put in place and follow to prohibit these unethical occurrences. One major advantage for associated with SOX is that more thorough audits are being conducted by auditing firms. Audits being conducted more thoroughly will provide accuracy and an increased reliability of financial data. This will affect taxes in a positive way and provide firms with an advantage. Causholli, Chambers, and Payne (2014) suggest that prior to the implementation of SOX in 2002, “an auditor’s opportunity to sell additional non-audit services in the subsequent year, coupled with the client’s willingness to buy services, intensified the economic bond between auditor and client, in turn reducing auditor independence and the quality of financial reporting” (p.681). The regulation of auditor provided non-audit tax services has increased the reliability of tax and financial reporting within companies. Seetharaman, Sun, and Wang (2011) explain that “in a post-Sarbanes-Oxley environment, the benefits of auditor-provided non-audit tax services (NATS) seem to manifest themselves in higher quality tax-related financial statement management assertions” (p. 677).

Research shows that mandating SOX requirements for non-profit organizations will reduce fraud and increase corporate governance. One of the goals of the SOX act was to create transparency. Many nonprofit organizations have adopted one or more provision from the SOX act (Nezhina & Brudney, 2012). Analysis shows that nonprofit organizations reap the following benefits when they adopt provisions related to SOX:

On July 30, 2002, George Bush signed into law the Sarbanes-Oxley Act. This act was a product of the collapse of major corporations such as Enron, Global Crossing, Adelphia, and WorldCom. “All four companies allegedly hid their true financial conditions from creditors and shareholders until an inability to meet financial commitments forced these companies to restate earnings and reveal massive losses. The financial collapse of these corporations, a result of allegedly fraudulent accounting practices, created a ripple effect that weakened a stock market already deflated by both the bursting of the technology bubble in 2000 and investor uncertainty resulting from the terrorist attacks of September 11, 2001(Recine, 2002).” In order to prevent

Sarbanes-Oxley Act (SOX) is the legislation formed by the U.S. Congress when the industry was witnessing scandals like WorldCom, Enron and Tyco. SOX will require two important units to team up. One being the team that includes IT architects and security with practical expertise in Identity and Access Management (IAM) processes. The other unit would include finance, legal, audit and compliance experts who are in charge of planning, defining, testing and executing SOX compliances. Section 409 comprises material event reporting and 'real-time' insinuation. This infers enhanced notification of material events to the marketplace that may impact the financial result of business. This will call for businesses to bring higher attention on the identification,

It’s difficult to say if executive compensation at current levels are unethical. I fully understand that fact that some positions are salary based, hold more responsibility, and are more liable when there is a conflict, but I do not agree with the amounts in which they are compensated. When a company sets large compensation rewards for only certain levels it limits the income or assets to award lower levels employees. One must consider that each employee is a cog/gear within a machine and if not maintained properly or replace then problems come about with the functionally to operate. I believe that once an employee has retained so many years of employment there should be some type of compensation. I would recommend that after each third year a

The Sarbanes-Oxley Act of 2002 is one of the most important legislations passed in the 21st century effecting financial practice and corporate governance. This act was passed on July 30, 2002 thanks to Representative Michael Oxley a republican from Ohio and Senator Paul Sarbanes a democrat from Maryland. They both passed two different bills that pertain to the same problem which had to do with corporation's auditing accountability and financial fraud problems within corporations. One was bill (S. 2673) brought by Senator Sarbanes and the other bill (H. R. 3763) brought by Representative Oxley. Both bills where passed separately one by the house and the other by the

The Sarbanes-Oxley Act (SOX) was enacted in July 30, 2002, by Congress to protect shareholders and the general public from fraudulent corporate practices and accounting errors and to maintain auditor independence.   In protecting the shareholders and the general public the SOX Act is intended to improve the transparency of the financial reporting.   Financial reports are to be certified by the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) creating increased responsibility and independence with auditing by independent audit firms. In discussing the SOX Act, we will focus on how this act affects the CEOs; CFOs; outside independent audit firms; the advantages and a

This paper provides an in-depth evaluation of Sarbanes-Oxley Act, which is said to be promoted to produce change in the corporate environment, in general, by stressing issues of public accountability and disclosure in the financial operations of business. It explains how this is an Act that represents the government's and the Security and Exchange Commission's concern in promoting ethical standards in terms of financial disclosure in the corporate environment.