Sarbanes-Oxley Act Essay

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

US government in July 2002 passed the Sarbanes Oxley Act of 2002 shortly known as SOX. The act was named on Senator Paul Sarbanes and Representative Michael Oxley who was its main contributor. The act came after when a series of scandal such as Enron, WorldCom, Tyco, Global Crossing and Arthur Andersen came into the light, which resulted in the loss of investors’ money and confidence. Therefore, the main objective of SOX was to protect the interest of shareholders and general public from accounting

obligated to act in your best interest, which means to advise and explain to you some important changes in the accounting field relating to Sarbanes Oxley Act, also called SOX. In July 2002, The US Congress enacted the Sarbanes Oxley Act, Also known as the "Public Company Accounting Reform and Investor Protection Act" (in the Senate) and "Corporate and Auditing Accountability and Responsibility Act" (in the House). Co-authored by U.S. Sen. Paul Sarbanes of Maryland and U.S. Rep. Michael Oxley of Ohio

well-known acts have been signed into laws by the presidents at the time to protect 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

the Sarbanes-Oxley Act. In 2002 the Sarbanes-Oxley Act passed by the U.S. Congress to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise, as well as improve the accuracy of corporate disclosures. With the research I have done I believe that with the act being accepted and pass made a big change for all organizations, large and small. Keywords: U.S Congress, Organizations,Research, Sarbanes-Oxley, Accounting the Sarbanes-Oxley

Sarbanes-Oxley Act of 2002 The financial crisis of the early 2000s left many investors and stockholders nervous about the accuracy of financial statements issued by public companies. The financial crisis resulted after many previously successful companies suddenly tanked due to restatement of their financials. These companies include Enron, Tyco, Sunbeam, Rite-Aid, Xerox and WorldCom amongst others (Kieso, 2014, p. 17). How could many previously successful companies suddenly go belly-up? The evidence

of Sarbanes-Oxley Act of 2002. This Act was placed into law to protect the consumer against fraudulent activity by organizations. This paper will provide a brief history of the law and discuss some of the ethical components and social implications on corporations. This research will provide information on how the Sarbanes-Oxley Act affects smaller organizations and how it encourages employees to inform of wrong doings. Brief Synopsis of Sarbanes-Oxley The U.S. Congress passed the Sarbanes-Oxley

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

to try to describe the cost and benefits of implementing the Sarbanes Oxley Act (SOX) for a company. I will then move on to describe what it is, how to go about it, and what a company may need to properly implement it. The Sarbanes Oxley Act was approved and activated in 2002 to protect investors and to renew confidence in American companies from what happened with the fall of companies like Enron, HealthSouth, and WorldCom. This act was trusted to fix or find corruption in the companies and make

The Sarbanes-Oxley Act was enacted in response to a series of high-profile financial scandals that occurred in the early 2000’s at companies including Enron, WorldCom, and Tyco that rattles investors’ confidence (Sarbanes-Oxley Act/SOX, n.d.). The Sarbanes-Oxley Act better known as SOX was drafted by U.S. Congressman Paul Sarbanes and Michael Oxley and was put forth to improve corporate governance and accountability (Sarbanes-Oxley/SOX, n.d.). Now, all companies must be governed themselves accordingly