The Sarbanes Oxley Act ( Sox )

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Ernestas Zarskis BUS 5644 International Accounting and Reporting Paper #2 Dr. LuAnn Bean 1. Based on the video "Bigger Than Enron," discuss at least five features of the Sarbanes-Oxley Act (SOX) that are the result of events related to corporate fraud. Under Section 302 signing officer should be familiar with the report and are responsible for internal controls and have evaluated these internal controls within the previous ninety days and have reported on their findings. Also, report should not contain any material untrue statements or material omission or be considered misleading. Section 401 states that financial statements are published by issuers are required to be accurate and presented in a manner that does not contain incorrect statements or admit to state material information. Under section 404 issuers are required to publish information in their annual reports concerning the scope and adequacy of the internal control structure and procedures for financial reporting. Section 409 shapes that issuers are required to disclose to the public, on an urgent basis, information on material changes in their financial condition or operations. Finally Section 802 of SOX act imposes penalties of fines and/or up to 20 years imprisonment for altering, destroying, mutilating, concealing, falsifying records, documents or tangible objects with the intent to obstruct, impede or influence a legal investigation. 2. What does the video mean when it says that Enron 's collapse is more

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