Sarbanes-Oxley Act Essay

investors. Therefore, one of the main stipulations of the Sarbanes Oxley Act was the creation of the Public Company Oversight Board. This was a nonprofit corporation that put policies in place dealing with business auditing. However, there main purpose was to serve the people. They make sure that the investors receive fair and accurate reports.   References Nixon, L. (N/D). Facts on Public Company Accounting Reform & Investor Protection Act. Ehow. Retrieved from, www.ehow.com/...public-reform-investor-protection-act

of corporate disclosure and force changes in the auditing of publicly traded companies. The first thing that SOX has an improvement is on the responsibility of company’s financial reports and disclosure which is connected with the section 302. The act requires the manager to certify the accuracy of the financial statement personally. If the chief executive CEO, chief financial officer CFO or other top manager knowing or willfully makes a false certification, he would be face 10 or 20 years in the

start 2011 in the black. Having a sale this large returned will be hard to recover from. This option does not violate the revenue recognition principle, but does violate section 401 of the SOX act. Unless the company discloses this information on the balance sheet, Excello would violate this section of the ACT. As for violating the AICPA code of conduct, this option is not part of an ethical practice. It is similar to a salesperson buying a product themselves to attain something in return, and returning

In Enron’s case, the scandal led the downfall of the business, employees loosing not only his or her money, job, but trust in management. As a result, the Sarbanes-Oxley Act of 2002 was passed by Congress. This Act is meant to protect investors from the possibility of fraudulent accounting activities by corporations. The Sarbanes-Oxley Act mandated strict reforms to improve financial disclosures from a corporation and prevent accounting fraud of happening at the level of Enron, Tyco, and WorldCom

Legality and Ethicality in Financial Reporting In week3, we are looking into the case of Excello Telecommunications, and study their behavior base on the knowledge of legality and ethicality in financial reporting. Excello Telecommunications has been successful in the past. However, in recent years, the company is facing more and more competitors. For the first in the company’s history, the earnings estimate won’t be met. This means nervous investors and drop in value of Excello stocks. And the

This paper will talk about six Acts/Laws which are implied for the advancement of society and encourage the work process, keep up the protection of each individual citizen of the nation, provide legitimate rights to the labors/workers, right to cover intellectual property, open doors for money related foundations to grow their business, and keep up the information security and integrity. FISMA ISMA (Federal Information Security Management Act) appeared when Congress understood the

Since OpenTable’s inception, the company faced a vast amount of changes in leadership primarily due to challenges in expanding the business. Templeton was responsible for the ideation of OpenTables online reservation and spent the next few years raising capital to fund his business plan. At this time, the market opportunity consisted of approximately 30,000 full service restaurant stores in the U.S., with no existing electronic reservation system (Rosenthal, 2011). This would become Opentable’s available

Kluyver, C. (2013). A primer on corporate governance (2nd ed.). New York, NY: Business Expert Press. Introduction: In my review of A Primer on Corporate Governance by Cornelis A. de Kluyver I intend to examine, evaluate, and break down his key points. The book provides a general view on how corporations govern themselves, and the internal and external forces that effect and constrain them. The biggest external force is of course the US Government and the variety of laws and regulations imposed upon

weigh financial statements and information to see if they are accurately portrayed. There are many different standards which govern the ethics of the accounting profession such as United States GAAP and European IFRS. Legislation, such as the Sarbanes Oxley Act, has been passed to ensure that these ethics are maintained. Introduction: Ethics are the backbone of the accounting profession and are a subject of utmost importance within the field of business. Ethics within the accounting profession ensure

Phar-Mor was operated as an American discounted drug and variety store opening its first doors in Youngstown, Ohio in 1982. It came to be when the heir to Giant Eagle; David Shapira and the former Tamarkin VP Michael Monus established the well-known drug store. (Press 1996) Between the years 1985-1992 it expanded from 15 to 310 stores in 34 different states and the sales of the stores at hit virtually $1.5 billion dollars. The low priced drugs and all of the different locations of the stories