2002

surprise by the numerous accounting scandals that have occurred, for example, Enron, WorldCom, Tyco, Xerox, and Global Crossing (Suyanto, 2009, p. 118). Since those accounting scandals occurred the United States Congress passed the Sarbanes-Oxley Act of 2002 (SOX) to help improve a company’s corporate governance and help deter fraud (Chinniah, 2015, p.2). In addition to SOX, the Accounting Institute of Certified Public Accountants (AICPA) passed the Statement on Auditing Standards (SAS) No. 99 (p. 118)

Soman and Cheema (2002) conducted a study to measure consumers’ willingness to use credit to finance current consumption. They examined the size of the credit limit and the propensity to spend when the consumer believed the credit limit represented future earnings potential. This was referred to as the consumer’s credibility of the limit. The coefficients used in the study were age, years using credit, experience, number of credit cards owned, extent of usage, predicted credibility of the limit and

related action, and the response by the related law enforcement agencies. Pat has committed the following crimes: 1. Mail Fraud; 2. Embezzlement; 3. Arson; 4. Destruction of records in a Federal investigation; 5. Violations of the Sarbanes-Oxley Act of 2002 (“SOX”); and 6. Tax evasion. He also potentially violated the Uniform Transfers to Minors Act (“UTMA”). The following law enforcement agencies are involved: 1. Federal Bureau of Investigations (“FBI”); 2. Bureau of Alcohol, Tobacco, Firearms and Explosives

Corporate Fraud: What Led to the Creation of the Sarbanes-Oxley Act The Sarbanes-Oxley Act of 2002 was created in reaction to the increasing number of accounting fraud scandals in the late nineties and early 2000 's. One example of an accounting scandal that occurred was Enron. Andrew Fastow, the CFO at the time, created phony partnerships and companies, keeping separate books for these companies. He convinced some of the major banks to invest in these companies. The Vice-President

Communism is system of government in which the state plans and controls the economy and a single, often authoritarian party holds power, claiming to make progress toward a higher social order in which all goods are equally shared by the people. In some countries, the communist government functioned well while in other countries, the government slowly collapsed on itself. Criticism rose from the masses of the population of each country and caused the people to question if communism was the most favorable

Depreciation and depletion are two models of computing financial reports. These techniques are used as adjustments when preparing statements of cash flow within the direct or indirect method. This paper will identify and examine the methods of depreciation and depletion, describe the difference between the methods, and compare and contrast depreciation and depletion as well using scholarly references to support the points. Net income is reduced through depreciation and is an expense of the company

investors and consumers alike. A brief overview of the Sarbanes-Oxley Act of 2002, a discussion of some of the provisions therein, opinions of others regarding the act and also my personal and professional opinion will be discussed below. The same will be examined about the Dodd-Frank Wall Street Reform and Consumer Protection Act. Senators Paul Sarbanes and Michael Oxley were the sponsors of the Sarbanes-Oxley Act of 2002, which represented a tremendous change to federal securities law. The act was

The Sarbanes Oxley act of 2002(SOX), also known as the public company accounting reform and investor protection act was enacted as a reaction to a number of major corporate and accounting scandals. These scandals occurred in Enron Corporation, WorldCom, Tyco International, Adelphia and Peregrine Systems. These companies and corporations were looking very financial sound and very attractive to investors. However the investors did not know that the success of these companies were cause by false reports

1|Page Sarbanes Oxley Act 2002 An Introduction: Growth in the business world is the main goal of every business in todays world, but growth should add value to the business and the investors. Companies like Enron and WorldCom, which made profits through accounting scandals, fraud, and an accusation of the limited disclosure by the company to its investors, improper corporate governance and insider trading collapsed and wiped off the entire investment of the investors. This led to the birth

The focus of this week’s assignment is the Sarbanes-Oxley (SOX) Act of 2002. A brief historical summary of SOX will be presented, including the events leading up to its passage. The key ethical components of SOX will be identified and explained. The social responsibility implications of the mandatory publication of corporate ethics will be assessed. One of the main criticisms of SOX has been its implementation costs, and this specific criticism will be addressed in regards to smaller organizations