Policy Paper on the Sarbanes-Oxley Act of 2002 Randy Ibrahim [SID: 860866350] Business 102 December 09‚ 2010 Dr. Sean D. Jasso Ibrahim 2 Table of Contents Introduction………………………………………………………………………………3 History of the Act………………………………………………………………………...4 Corporate Scandals……………………………………………………………….4 Loss of Investor Confidence……………………………………………………..4 Market Failure and Government Intervention…………………….……………..5 Why Sarbanes-Oxley was Necessary…………………………………………….5 Implementing Sarbanes-Oxley…………………………………………………………
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The Sarbanes-Oxley Act offers one of the most comprehensive statutes protecting workers against retaliation by their employers for reporting violations of state and federal law. However‚ whistleblowing laws vary from state to state and if is therefore important that employees have and understanding of the constitutional‚ federal‚ and state laws related to specific whistleblowing activities (Bernardin & Russell‚ 2013). Law in some states only provides explicit protection certain types of workers.
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Corporate Accountibility is closely linked to corporate governance in the respect that corporate accountability largely determines corporate governance. On the other hand‚ compliance with the Sarbanes Oxley Act is expensive‚ and relatively more so for smaller public companies. While no doubt compliance with the SOX has improved transparency and corporate accountability‚ at what cost are these aims achieved? Already there are scathing critiques that compliance with the SOX has reduced America’s
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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 of
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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 all business
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Sarbanes-Oxley Act 2002 Edwina Wilson ACC 561 November 25‚ 2014 Dr. Carolyn Harold Sarbanes–Oxley Act was introduced into law July 30‚ 2002. It is named after the two sponsors‚ U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH). The main objective of the act is to protect investors by improving the accuracy‚ reliability and accountability of corporate disclosures. New aspects were created by Sarbanes-Oxley for corporate accountability as well as new penalties for wrong
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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 Officer
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Harrington 1 Sarbanes- Oxley Act of 2002: A Comprehensive Review By Hennessey T. Harrington For Business 102 Ethics & Public Policy Dr. Jasso TA Josh December 7‚ 2010 Harrington 2 TABLE OF CONTENTS 1.0 Sarbanes- Oxley Act of 2002: Spectrum of Objectives 1.1 On History 1.2 On Accountability 1.3 On Corporate Social Responsibility 2.0 Sarbanes- Oxley Act of 2002: A Historical Account 2.1 On Necessity 2.2 On Defective Oversight 2.3 On Corruption 2.4 On Conflict of Interest 2.5 On Imperfect
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The Sarbanes-Oxley Act of 2002Introduction2001-2002 was marked by the Arthur Andersen accounting scandal and the collapse of Enron and WorldCom. Corporate reforms were demanded by the government‚ the investors and the American public to prevent similar future occurrences. Viewed to be largely a result of failed or poor governance‚ insufficient disclosure practices‚ and a lack of satisfactory internal controls‚ in 2002 George W. Bush signed into law the Sarbanes-Oxley Act that became effective on
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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 regulatory control
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