Sarbanes–Oxley Act Essays & Research Papers

Best Sarbanes–Oxley Act Essays

  • The Sarbanes-Oxley Act of 2002
    The Sarbanes-Oxley Act of 2002 (SOX) was a direct output of the financial statement fraud that sank industry giants such as Enron and WorldCom. I) What are the primary goals and tenets of SOX with respect to fraud? II) How is SOX enforced? III) What is PCAOB, its role, and based upon individual research, is it an effective oversight body? IV) Based upon what the goals of SOX were, how it is implemented and enforced, through your own experience and research (both if applicable) has SOX been a...
    549 Words | 2 Pages
  • Sarbanes-Oxley Act - 2066 Words
    English 135 Instructor: Fawn-Bragg David Ross 15 February 06 Sarbanes-Oxley Act The "Sarbanes-Oxley Act" is a comprehensive corporate reform package that was signed into the US law on July 30, 2002. The passage of the Act has been heralded by some as a historic occasion—calling it the most significant accounting legislation since 1933, while others have severely criticized the Act either as a "too little too late measure" or as a hasty knee jerk reaction to a temporary situation....
    2,066 Words | 6 Pages
  • Sarbanes Oxley Act of 2002
    My opinion of the Sarbanes Oxley Act of 2002 (SOX) The government is charged with the responsibility of protecting its citizens. This responsibility is extended not only to administering punishment through enforcement of legislation but also to preventing occurrences through the enactment of laws to protect their citizens. The government had to act. The great fall that was the result of corporate and accounting fraud, in the early twenty-first century nearly destroyed the economical welfare...
    490 Words | 2 Pages
  • Sarbanes Oxley Act Paper
    Running Head: SARBANES OXLEY ACT Sarbanes Oxley Act Introduction Sarbanes Oxley Act is focused towards identifying accounting frauds in different public companies. This paper discusses about various reasons for the introduction of Sarbanes Oxley Act and causes that has been overlooked. Causes for Sarbanes-Oxley Act Sarbanes Oxley Act is US federal law, which is established in order to set out the some standards for accounting firms, public company boards and...
    934 Words | 3 Pages
  • All Sarbanes–Oxley Act Essays

  • The Sarbanes Oxley Act of 2002
    THE SARBANES OXLEY ACT of 2002 Course Name and No: GEB2430 Ethics & Social Responsibility Yanelis Diaz Prof. Georges De Schryver Saturday, December 01, 2012 THE SARBANES OXLEY ACT of 2002 The Sarbanes Oxley Act of 2002 was signed into law after a series of corporate financial scandals affected companies such as Enron, WorldCom, and Arthur Anderson. It provides a solid set of government rules that will discourage and punish corporate and accounting fraud and corruption by imposing...
    1,583 Words | 5 Pages
  • Sarbanes Oxley Act - 2197 Words
     INTRODUCTION The Sarbanes-Oxley Act of 2002 came into force on 30 July 2002. It is commonly called SOX or Sarbox. It is a United States federal law passed in response to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, and world Com. These scandals resulted in a decline of public trust in accounting and reporting practices. It is named on sponsors Senator Paul Sarbanes and Representatives Michael G. Oxley. The legislation establishes...
    2,197 Words | 8 Pages
  • Sarbanes Oxley Act - 1338 Words
    Sarbanes-Oxley Act The Sarbanes-Oxley is a U.S. federal law that has generated much controversy, and involved the response to the financial scandals of some large corporations such as Enron, Tyco International, WorldCom and Peregrine Systems. These scandals brought down the public confidence in auditing and accounting firms. The law is named after Senator Paul Sarbanes Democratic Party and GOP Congressman Michael G. Oxley. It was passed by large majorities in both Congress and the Senate and...
    1,338 Words | 4 Pages
  • Sarbanes-Oxley Act of 2002
    The Sarbanes-Oxley Act (SOX) was enacted in 2002 as a response to the accounting scandals in the early 2000s. Numbers of major corporate and accounting scandals, such as Enron, Tyco International, WorldCom, and others, shook public confidence and cost investors billions of dollars when companies collapsed. The Sarbanes-Oxley Act is a federal law that set new standards for the United States public company boards, management, and public accounting firms ("Sarbanes–oxley Act", 2013). The two key...
    502 Words | 2 Pages
  • Sarbanes-Oxley Act Article
    Section 404 of the Sarbanes-Oxley Act LAW 421 Section 404 of the Sarbanes-Oxley Act This article review is on the article written by David S. Addington called “Congress Should Repeal or Fix Section 404 of the Sarbanes-Oxley Act to Help Create Jobs.” The Heritage Foundation published the article on September 30 2013. In the article, the author addresses concerns among companies staying in compliance with Section 404 of the Sarbanes-Oxley Act. The author indicates that section 404 of the...
    595 Words | 2 Pages
  • The Sarbanes–Oxley Act - 2191 Words
    The Sarbanes–Oxley Act known as the 'Public Company Accounting Reform and Investor Protection Act ,Corporate and Auditing Accountability and Responsibility Act and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law which set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes and U.S. Representative Michael G. Oxley. The bill was enacted as a reaction to a number...
    2,191 Words | 7 Pages
  • Analysis of the Sarbanes-Oxley Act
    Analysis of the Sarbanes-Oxley Act Abstract 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...
    3,130 Words | 10 Pages
  • The Sarbanes-Oxley Act - 1327 Words
    The Sarbanes-Oxley Act The Sarbanes-Oxley Act of 2002(SOX which is also known as the Public Company Accounting Reform and Investor Protection Act was enacted in July, 30, 2002 as a prompt response to the financial crimes scandals (Adelphia, Enron, WorldCom, Peregrime Systems , Arther Anderson and Tyco International). SOX establishes new, stricter standards for all US publicly traded companies. It does not apply to privately companies. The Act is administered by the Securities and Exchange...
    1,327 Words | 3 Pages
  • Sarbanes Oxley Act of 2002
    Sarbanes-Oxley Act of 2002ACC/561 Sarbanes-Oxley Act of 2002In 2002, Congress passed The Sarbanes-Oxley Act (SOX) in response to a slew of highly publicized scandals of accounting fraud such as the case of Enron, WorldCom, and Tyco. In conjunction with the dot-com crash and perception of the SEC’s incapacity to effectively enforce securities laws, the SOX Act was a needed regulatory reform to corporate governance, board accountability, and financial transparency in disclosure....
    1,444 Words | 7 Pages
  • Sarbanes-Oxley Act of 2002
    Surbanes Oxley Act 2002 Historical forces have a way of acting in concert, even when propelled by markedly different factors. In the United States, a spate of astonishing high-profile corporate failures have shaken investor confidence and placed corporate fraud and accounting abuses center stage before the public and its governmental representatives. The legislative response to these events was the rapid passage of the Sarbanes- Oxley Act (the Act) of 2002, which virtually overnight...
    1,911 Words | 7 Pages
  • sarbanes oxley act - 306 Words
     History of Computers Cindy Candelario Velasquez Charter College Computers seem to be taking over our everyday life. It seems like everything we do now revolves around a computer. Computers have evolved drastically and continue to evolve more and more each day. The two types of computers on the market are Macintosh and Windows. There are so many organizations today that are using the Sarbanes-Oxley legislation that helps to safeguard...
    306 Words | 2 Pages
  • Sarbanes Oxley Act - 550 Words
    Kevin Ong Research 1. In the article “Is the Sarbanes-Oxley Act Working?” the author Stephen D. Willits and Curtis Nicholls talks about the Sarbanes-Oxley Act of 2002 that helps protect firms from fraud after Enron and other accounting scandals. The article touches on the objectives of SOX, the criticisms of SOX companies had after the law was passed, the impact it has on firms and auditors, the detriments of the SOX , the evidence, analysis, and the further study of the act. The author of...
    550 Words | 2 Pages
  • Sarbanes-Oxley Act of 2002
    Sarbanes-Oxley Act of 2002 Week # 2 Individual Assignment   Sox Key Main Aspects for a Regulatory Environment Sarbanes-Oxley Act was passed in 2002 by former president George Bush. Essentially to combat the Enron crisis. The Sox Act basically has regulatory control and creates an enviroment that is looking out for the public. Ideally this regulatory environment protects the public from fraud within corporations. Understanding, that while having this...
    985 Words | 4 Pages
  • The Burden of the Sarbanes Oxley Act
    Financial Information Analysis: The Burden of the Sarbanes Oxley Act Table of Contents Executive Summary 3 Introduction 4 Sarbanes Oxley Act 2002: The Burden it places on companies 5 Cost of Compliance 5 Cost of Finance to U.S Companies 5 Fees and Audit 6 Reduced Competition 7 Conclusion 8 References 9 Executive Summary The Sarbanes Oxley Act, named after its two main sponsors, Senator Paul Sarbanes and Congressman Mike Oxley is a legislation that must be complied by...
    1,518 Words | 5 Pages
  • Sarbanes Oxley Act Article Analysis
    ACC 340 Week 5 Individual Assignment Sarbanes Oxley Act Article Analysis • Use the Electronic Reserve Readings, the University Library, the Internet, or other credible resources to locate an article that examines the Sarbanes-Oxley Act.• Write a 700- to 1,050-word summary of this article addressing the following: o Explain how the Sarbanes-Oxley Act affects the internal control of your organization or an organization of your choosing. o Discuss auditing around the...
    132 Words | 1 Page
  • Analysis and Application of Sarbanes-Oxley Act
    The Sarbanes-Oxley Act of 2002 (Public Company Accounting Reform and Investor Protection Act, Pub.L. 107-204, July 30, 2002, 116 Stat. 745, July 30, 2002) was enacted by Congress in the wake of corporate and accounting scandals that led to bankruptcies, severe stock losses, and a loss of confidence in the Stock Market. The act imposes new responsibilities on corporate management and criminal sanctions on those managers who flout the law. It makes Securities fraud a serious federal crime and also...
    921 Words | 3 Pages
  • Parmalat Violations of Sarbanes-Oxley Act
    Violations of Sarbanes-Oxley Act Parmalat is a European company, and it’s headquarter is in Italy. The US Security and Exchange Commission still targeted Parmalat with fraud charge after the Parmalat fraud was revealed on Dec, 2003 (Kapner, D.W., 2003). The US SEC caught the chance to practice its law in a long range when Parmalat sponsored a program called American Depositary Receipts in the US to raise money since August 1996. The SEC stated that Parmalat sold their bonds to American...
    1,767 Words | 6 Pages
  • Sarbanes Oxley Act Research Paper
    Sarbanes Oxley Act Research Project Brielle Lewis MBA 315 March 6, 2014 I. Abstract The purpose of the Sarbanes-Oxley Act is to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities law, and for other purposes. (Lander, 2004) The Act created new standards for public companies and accounting firms to abide by. After multiple business failures due to fraudulent activities and embezzlement at companies such as Enron Sarbanes...
    1,794 Words | 6 Pages
  • Sarbanes Oxley - 1489 Words
    Financial scandals have impacted many individuals such as public companies and accounting firms. Sarbanes Oxley has made many changes to many companies. The major financial scandals have impacted many investors and required more regulations to avert this problems. Sarbanes Oxley has tried to increase ethics in the upper management in many public companies. The upper management has tried to improve on social responsibility and increase the public view. There are many critics to Sarbanes...
    1,489 Words | 5 Pages
  • Sarbanes Oxley - 313 Words
    2.4 Impact: Sarbanes Oxley Act has had many positive impacts on American businesses, but has also had its share of criticism. As a result of the implementation of the Sarbanes Oxley Act, firms now produce financial information that is more transparent and holds some form of accountability. One of the greatest benefits of the Sarbanes Oxley Act is that investors are more confident because they now have access to more accurate financial statements and are able to assess the financial strength...
    313 Words | 1 Page
  • Sarbanes Oxley - 4619 Words
    Table of Contents Introduction to Sarbanes Oxley 2 Titles 3 Negative Aspects 7 Positive Aspects 9 Whistleblower Protection 10 Post-SOX Fraud Cases 11 Lehman Brothers 11 Bernie Madoff 11 Analysis of Effectiveness 12 Conclusion 14 Works Cited 15 Introduction to Sarbanes Oxley As scandals of Enron, Tyco, WorldCom and others shocked the world, it was clear some type of regulation was needed to restore trust in the financial institutions. These scandals cost...
    4,619 Words | 14 Pages
  • Sarbanes Oxley - 633 Words
    Sarbanes – Oxley: Where Information Technology, Finance, and Ethics Meet The Sarbanes – Oxley Act (SOX) of 2002 was enacted in response to the high-profile Enron and WorldCom financial scandals to protect shareholders and the general public from accounting errors and fraudulent practices by organizations. One primary component of the Sarbanes-Oxley Act is the dentition of which records are to be stored and for how long. For this reason, the legislation not only affects financial departments,...
    633 Words | 2 Pages
  • Sarbanes-Oxley - 1589 Words
     Have you ever invested your hard-earned money into the stock market? If so, you know the risks involved when investing money into a publically traded company. For thousands of people whom had money tied up in stocks with companies such as; Enron, WorldCom, and Health South, their investments were doing great for a very long time. But as time went on, the good times quickly ended. It was discovered that over the past several years the accountants and CEOs of these corporate giants were...
    1,589 Words | 4 Pages
  • Article Review - The Sarbanes-Oxley Act of 2002
    Article Review The Sarbanes-Oxley Act of 2002 ARTICLE SYNOPSIS In response to the Enron and WorldCom scandals, the Sarbanes-Oxley Act was enacted in July 30, 2002. This provides a comprehensive power that modifies the compliance of how companies would need to report their financials to the Securities and Exchange Commission (SEC). The law’s purpose is to solve precise mechanism failures in accounting approaches and requires greater levels of fiduciary responsibilities especially for...
    405 Words | 2 Pages
  • The Implications of the Sarbanes Oxley Act on the Accounting Profession
    The Implications of the Sarbanes Oxley Act on the Accounting Profession Abstract On July 30, 2002, the Sarbanes Oxley Act (also known as SOX) was signed into law by President George W. Bush. The Sarbanes Oxley Act of 2002 is a federal law that set new or improved standards for all U.S. public company boards, management and public accounting firms. Covered in the eleven titles are additional corporate board responsibilities, auditing requirements and criminal penalties. This...
    755 Words | 3 Pages
  • ACC 561 Week 2 Sarbanes Oxley Act
     Sarbanes-Oxley Act of 2002 Student ACC/561 June 8, 2015 Professor Sarbanes-Oxley Act of 2002 Introduction The Sarbanes-Oxley Act of 2002 (SOX) was established after many corporate scandals such as Enron, WorldCom, and AIG cost investors billions of dollars. Financial fallout from these scandals reduced the American public's trust in the economy. The enactment of SOX in 2002 holds corporations to higher standards in reporting financial statements to internal and external users. Even...
    1,564 Words | 5 Pages
  • Why the Sarbanes-Oxley Act Should Not Be Repealed.
    [Type the company name] | Why the Sarbanes-Oxley Act should not be repealed. | [Type the document subtitle] | | Introduction of Sarbanes Oxley On March 5th, 2001, Fortune magazine released an article by Bethany McLean. The theme of this article was that Enron’s stocks were overpriced. She stated that Enron’s stocks were really popular and that its numbers were really impressive. Its revenues had doubled to over $100 billion, earnings were increasing by 25% and stocks were...
    1,589 Words | 6 Pages
  • Sarbanes-Oxley Act Acc 403- Auditing
    SARBANES-OXLEY ACT ACC 403- AUDITING PROFESSOR August 19, 2012 The Sarbanes-Oxley Act was placed into effect July 2002; the act introduced major changes to the regulation of corporate governance and financial practice. The Sarbanes-Oxley Act was named after Senator Paul Sarbanes and Representative Michael Oxley, who were the main architects that set a number of non-negotiable deadlines for compliance. The organization for Economic Cooperation and Development was one of the first non-...
    1,429 Words | 5 Pages
  • Effects of Sarbanes-Oxley Act on Accountants Profession
    Table of contents: 1. Introduction ---------------------------------------------------------------------------------- -2- 2. The first effect: accountants responsibility increase * Special sections of SOX that increase accountants responsibility by imposing criminal liability------------------------------------------------------------------------------------------ -3- * Accountants independence resulting in a higher responsibility of accountants------- -4- * Fraud...
    4,206 Words | 12 Pages
  • Sarbanes-Oxley Act 2002 Section 302
    Sarbanes- Oxley Act 2002 Sharmin DanielsACC/561 March 31, 2014 Lisa Henderson Abstract This paper will explain the Sarbanes-Oxley Act of 2002 regulation. The paper will also explain what actions are expected in each section to assure that correct information is being relayed to the public. It will also discuss the fines and other penalties that will come with no adhering to the regulations. It will also give an idea to the effects of the act in the future as it pertains to how the public...
    951 Words | 3 Pages
  • Sarbanes-Oxley Act Relates to Internal Control
    Running:Sarbanes-Oxley Act relates to Internal Control How the Sarbanes-Oxley Act relates to Internal Control? Paris Hudnall Accounting 1 Instructor Wiley December 1, 2010 How the Sarbanes-Oxley Act relates to Internal Control? Former President George W. Bush signed the Sarbanes-Oxley Act on July 30, 2002. The Sarbanes-Oxley Act also known as Public Company Accounting Reform, and called Sarbanes-Oxley, or SOX (Wikipedia n.d.) The enactment of this United State federal law was...
    1,393 Words | 5 Pages
  • Sarbanes-Oxley Act (Sox) 2002: CEOs & CFOs
    Sarbanes-Oxley Act (Sox) 2002: CEOs & CFOs The Sox Act in 2002 enhanced the responsibilities of the CEOs and CFOs by requiring them to certify the accuracy of the financial statements and making sure that there is no intention of fraudulence. Furthermore, they could significant penalties such as that they could face up to 10 years for “knowing” violations and up to 20 years if “willing” as well as criminal charges for certifying false information. In addition, they will be prohibited from...
    622 Words | 2 Pages
  • Research Paper Analysis of the Sarbanes Oxley Act of 2002
    Analysis of the Sarbanes Oxley Act of 2002 Five Provisions of the Sarbanes Oxley Act of 2002 Liberty University Abstract In July 2002, the Sarbanes-Oxley Act came into force by introducing radical changes to the regulation of corporate governance and financial practices. The Sarbanes-Oxley Act of 2002 is a law passed in response to the financial indignities such as Enron, Tyco, and WorldCom. These indignities shook the confidence in investors and required an overhaul of the regulatory...
    2,269 Words | 7 Pages
  • Sarbanes Oxley Act Effect on Internnal Control
    19. How has the Sarbanes-Oxley Act affected internal controls? The Sarbanes-Oxley Act was created because of the losses that stockholders experienced due to financial fraud. Because of SOX, internal control of public companies’ management increased. It established provisions that companies should fulfill pertaining to their management and recording of transactions. More thorough and stricter guidelines were created to help companies go about with their activities related to internal controls....
    374 Words | 2 Pages
  • “How the Sarbanes-Oxley Act Relates to Internal Control”
    WRITING ASSIGNMENT Writing Assignment “How The Sarbanes-Oxley Act Relates to Internal Control” Accounting 1 November 2011 Writing Assignment-How The Sarbanes-Oxley Act Relates to Internal Control. In attempting to explain the Sarbanes-Oxley Act (SOX) and how it relates to the accounting concepts of control, some brief information is necessary to provide background on why it was enacted in 2002. Questions answered are why SOX was enacted, who passed this Act and why was it...
    862 Words | 3 Pages
  • Section 404 Sarbanes Oxley
    The Limitations of Section 404 of the Sarbanes-Oxley Act Darren Abraham MSAF 670 University of Maryland University College The Sarbanes-Oxley Act (SOX) is a legislation enacted in 2002 under the sponsorship of U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH). The law introduced increased government oversight for publicly held companies. It also imposes additional management responsibilities and corporate operating costs on companies...
    1,951 Words | 6 Pages
  • Sarbanes Oxley Memo - 1426 Words
    Ancher Public Trading TO: Board of Directors FROM: Learning Team A consultants DATE: August 22, 2005 SUBJECT: Sarbanes-Oxley recommendations As consultants for Ancher Public Trading (APT), Learning Team A would like to discuss the implications of the Sarbanes-Oxley (SOX) legislation. This memorandum provides a brief history of SOX¡¦s creation, explains the relationship amongst the FASB, SEC and PCAOB, describes the pros and cons of SOX, assesses the impacts of SOX, and lists ethical...
    1,426 Words | 5 Pages
  • Sarbanes Oxley - overview - 401 Words
    BUAD 310 Sarbanes Oxley The Sarbanes–Oxley Act of 2002also known as the 'Public Company Accounting Reform and Investor Protection Act and Corporate and Auditing Accountability and Responsibility Act and more commonly called Sarbanes Oxley, Sarbox or SOX, is a United States federal law that set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes and U.S. Representative Michael G. Oxley....
    401 Words | 2 Pages
  • A Report on Comparison Between Corporate Governance in Bd and Sarbanes-Oxley Act, 2002
    UNIVERSITY OF DHAKA Department of Accounting & Information Systems BBA Program Course: AUDITING-II [4105] A Report on Comparison between corporate governance in bd and Sarbanes-Oxley Act, 2002 Submitted to: Fatema-Tuz-Zohra Lecturer Department of Accounting & Information Systems, University Of Dhaka. Submitted by: Md.Rasel 15007 Jubaida Jahan...
    6,529 Words | 26 Pages
  • The Cost-Benefits of Sarbanes–Oxley Analysis
    The cost-benefits of Sarbanes–Oxley Analysis In response to the collapse of a number of high-profile firms since late 2001, Congress passed the Sarbanes-Oxley Act in July 2002 to enhance corporate governance and thereby restore public confidence. The Act has introduced significant changes in both management’s reporting responsibilities and the scope and nature of the responsibilities of the auditor. When President Bush signed the Act into law, he characterized it as “the most far-reaching...
    733 Words | 3 Pages
  • Sarbanes-Oxley Section Effect on Audit Fees
    Isolating Sarbanes-Oxley Section 404(b) effect on audit fees and market liquidity: a natural experiment. Premalata Sundaram* PDBP 2010 University of Florida August 23, 2010 Abstract Since the passage of the Sarbanes-Oxley Act (SOX) of 2002, a large body of evidence has accumulated on the costs this legislation has imposed on public companies in the United States. Estimates of the direct costs of the law have been fairly straightforward to measure, but the indirect costs of the...
    4,309 Words | 34 Pages
  • WK 2 Individual Assignment ACC 561 Sarbanes Oxley Act Larry Fuller
     Sarbanes-Oxley Act of 2002 ACC/561 December 02, 2013 Reza Rafi Sarbanes-Oxley Act of 2002 Fraudulent accounting activity was the basis for the Sarbanes Oxley Act. Several companies “cooked the books” when it came to their financial records. Unfortunately, this caused investors to believe the company was doing better than indicated. Of course unaware investors and even retirement plans were put into these companies. Eventually, this caught up with the firm as the information...
    628 Words | 2 Pages
  • Sarbanes Oxely - 1870 Words
    CLASS PROJECT GM 520: BUSINESS REGULATIONS: SARBANES-OXLEY August 14, 2006 Need a Sarbanes Oxley Compliance Plan? The Sarbanes-Oxley Act of 2002, sponsored by US Senator Paul Sarbanes and US Representative Michael Oxley, represents the biggest change to federal securities laws in decades. Effective in 2006, all publicly-traded companies are required to submit an annual report of the effectiveness of their internal accounting controls to the SEC....
    1,870 Words | 6 Pages
  • SOX Act - 618 Words
     Sarbanes-Oxley Act of 2002 Michael Perez University of Phoenix ACC 561 Moises Rodriguez February 21, 2014 Sarbanes-Oxley Act of 2002 In 2002, change came to the financial reporting sector for entities in the form of regulation and governance. The change, Sarbanes-Oxley or Sox Act, was a new federal law, setting new standards for financial reporting that public entities, management, and accounting firms to obey by. Sox put accountability on management to now certify the...
    618 Words | 3 Pages
  • Sox Act and Purpose of Pcaob
    The Sarbanes-Oxley act was created in 2002, requiring companies to have more sufficient internal control over their financial statements. The old “I wasn’t aware of that” from executives is no longer acceptable and in fact can result in jail time for the executives and others involved. The company can also lose their exchange listing, lose of D&O insurance or face large 7+ figure fines. The act was a direct response to corporate scandals, such as WorldCom, Enron and Tyco who covered up or...
    546 Words | 2 Pages
  • Sox Act of 2002 - 2407 Words
    Sarbanes Oxley Act of 2002 Daniel Alvalle BUS 670 Legal Environment Instructor: Peter McCann 7/29/2013 If you were an investor would you want your money protected? Would you be skeptical about investing in companies since the securities fraud scandals that have happened recently? The answer is most likely, “yes”, to a certain degree. With the news about unethical business practices and companies not following regulatory guidelines, it is difficult to ignore the risk that is...
    2,407 Words | 6 Pages
  • Acct 504 Case Study
     Case Study 2-Internal Controls 2014 ACCT 504 Table of Contents I) Introduction II) Internal Control Requirements-Sarbanes/Oxley Act III) Internal Controls-Strengths IV) Internal Controls-Opportunities for Improvement Introduction It has come to the attention of the president of LJB Company that an evaluation is needed to...
    698 Words | 3 Pages
  • ACC 340 All Weeks 1 – 5 Complete Class
    ACC 340 All Weeks 1 – 5 Complete Class A + Course Material Click On The Link Below to Purchase A+ Work for ACC 340 http://hwminute.com/downloads/acc-340-complete-course/ ACC 340 Complete Course ACC 340 Entire Course Week 1 Individual Assignment: The Effects of Technology on the Accounting Profession Paper Write a 700- to 1,050-word paper describing how information systems are changing the various aspects of the accounting profession. o Include a description of a variety of new...
    677 Words | 3 Pages
  • Accounting - 587 Words
    Effect of Unethical Behavior Article Analysis From Enron to Tyco, accounting scandals have always been a worrisome issue in accounting. Regardless of how many internal controls there are, there will always be a chance for unethical practices in accounting. Where and when do these problems arise? This paper will analyze an article listing situations that lead to those unethical practices and behavior that lawmakers try to prevent. In his article “What Are the Causes of Ethical Lapses in...
    587 Words | 2 Pages
  • Action Research Proposal - Sox Implementation
    Action Research Proposal Form Final Version of Action Research Proposal SOX Implementation 1. Setting Description: Name of organization and location where action research will take place: Inkplus LLC, Coral Gables FL Key Personnel: The compliance team in the operations department. 2. Statement of problem: Failure to have a proper checks and balance system can result in financial fallout (such as Enron). 3. Purpose of the Study: The purpose of this study is...
    1,193 Words | 6 Pages
  • Internal Controls - 1048 Words
    Internal Controls XACC/280 April 7,2013 Axia Internal Controls Internal controls are put into place to safeguard a company’s assets and to promote the accuracy of their accounting records. There are two primary goals of internal controls. The first goal of internal controls is to safeguard it’s assets from employee theft, robbery, or unauthorized use. When there is a large some of money there is temptation from employee’s to take some of it. Many employees believe they are underpaid...
    1,048 Words | 3 Pages
  • Internal Controls - 788 Words
    In order for a business to be successful and operate with in the parameters of the law it must be organized and have a system or systems in place that allow operations to performing at their peak. Internal controls are just that, controls designed to ensure that a company is able to maintain accurate financial reporting, efficient operations, and operating within laws and regulations applicable. Protecting itself and its assets against theft and unauthorized use, acquisition, or disposal is also...
    788 Words | 3 Pages
  • Internal Controls - 866 Words
    Hewlett-Packard | Internal Controls | XACC 280 week 8 assignment | | Stevan | 1/29/2011 | [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] | All people are not honest. Even when you are dealing with people from your church, school, or even friends you have known for years, there is the possibility...
    866 Words | 3 Pages
  • Internal Control - 767 Words
    The definition I found to describe internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. Internal control is also responsible for making sure there is not any fraud in the business. Basically, to me this means that internal control is what keeps things flowing smoothly and correctly. There are two main goals of internal control. The first is to keep the company safe from any...
    767 Words | 2 Pages
  • Going Public - 1074 Words
    Going public is the peak of efficiency in the life of a company. Becoming public introduces a business to capital gains from initial public offerings witch are traded on an open market. There is also a cost to have this access and potential loss of control over the business when a formally private company goes public. The requirements for going public are governed by regulations enforced by state local and federal laws. Public companies have the obligation of additional reporting and procedures...
    1,074 Words | 4 Pages
  • Ljb Company Case - 1576 Words
    External Consultation to LJB Company EXTERNAL CONSULTATION TO LJB COMPANY Abstract A paper presented on the case study 2 review of LJB Company. The paper will address growing issues of Sarbanes-Oxley compliance, and business ethics in regards to Corporate Social Responsibility (CSR) and adherence to current regulatory federal mandates. Paper presents tools for consideration for tomorrow’s leaders and gives a general overview of internal control...
    1,576 Words | 6 Pages
  • Accountancy Questions - 111 Words
    ACC 290 Week 5 DQ 2 Using examples of weak internal controls in an organization you are familiar with, how would you improve those controls to better safeguard a company’s assets? Would these internal controls differ with a different type of business? How could you improve internal controls over the assets that you own? What is the Sarbanes-Oxley Act of 2002? Why did it come about? How have the new rules in the Sarbanes-Oxley Act of 2002 affected the way accounting departments and companies...
    111 Words | 1 Page
  • Internal Controls - 998 Words
    Internal Controls XACC 280 Crystal Riley Sanford September 10, 2010 Instructor Glenn Dakin Internal Controls Internal controls are the measures a company takes to do accomplish two primary goals; protect their assets from employee theft, robbery and unauthorized use. Internal controls are also used to increase accuracy of company financial information, reducing the risk of errors (accidental) and irregularities (intentional) (Weygandt, 2009). Sarbanes-Oxley Act of 2002 The...
    998 Words | 3 Pages
  • Case Study 2 - 478 Words
     Table of Contents Internal Control: Avoiding the Next Catastrophe To quote Edmund Burke “Those who don’t know history, are doomed to repeat it”. Here we are, thirteen years removed from the Enron scandal. The aftermath led to the Sarbanes-Oxley Act of 2002 and stricter regulations on companies going public. People have a tendency to believe that things like this can only happen to massive companies, but we must remember that Enron once started off as a small company, a company...
    478 Words | 2 Pages
  • LBJ company - 809 Words
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