Public Company Accounting Oversight Board Essay Example
Find an article in the University Library about the Sarbanes-Oxley Act. Post a reference consistent with APA guidelines for the article so all students can locate it. What does the article tell you about the purpose of Sarbanes-Oxley and about the responsibility of corporations?
After reading this article, I can tell you I learned a great amount of information regarding the Sarbanes-Oxley Act (SOX). The SOX of 2002 is a blend of two separate bills backed by Democratic Senator Paul Sarbanes and Republican Congressman Michael Oxley and both of these bills were thoroughly explained in this particular article. According to Coates (2007), both bills were combined, after several adjustments were made. During the twentieth and twenty-first centuries collaboration was done especially after numerous corporate and accounting disgraces occurred.
The purpose of the SOX was to reinforce accountability, improve financial reporting and governance in corporations. In addition implementing effective auditing and the encouragement of careful observation of public accounting followed by an enforcement of intense criminal and civil charges liabilities for violations of the securities law was also taking place. The article went on to mention that “the primary goal of SOX was to fix auditing of U.S. public companies, consistent with its full, official name: the Public Company Accounting Reform and Investor Protection Act of 2002.” Coates mentioned that auditing within the financial community had been working unsuccessfully and that a new law was especially needed in order for the implementation of new procedures specifically in auditing.
Another area mentioned in the article, were the various results of the SOX. Coates stated that there has been a major development of a compliance board entitled the Public Company Accounting Oversight Board also known as the PCAOB. In the best interest of the investor, the PCAOB was developed as a non-profit corporation and was appointed the legal
After reading this article, I can tell you I learned a great amount of information regarding the Sarbanes-Oxley Act (SOX). The SOX of 2002 is a blend of two separate bills backed by Democratic Senator Paul Sarbanes and Republican Congressman Michael Oxley and both of these bills were thoroughly explained in this particular article. According to Coates (2007), both bills were combined, after several adjustments were made. During the twentieth and twenty-first centuries collaboration was done especially after numerous corporate and accounting disgraces occurred.
The purpose of the SOX was to reinforce accountability, improve financial reporting and governance in corporations. In addition implementing effective auditing and the encouragement of careful observation of public accounting followed by an enforcement of intense criminal and civil charges liabilities for violations of the securities law was also taking place. The article went on to mention that “the primary goal of SOX was to fix auditing of U.S. public companies, consistent with its full, official name: the Public Company Accounting Reform and Investor Protection Act of 2002.” Coates mentioned that auditing within the financial community had been working unsuccessfully and that a new law was especially needed in order for the implementation of new procedures specifically in auditing.
Another area mentioned in the article, were the various results of the SOX. Coates stated that there has been a major development of a compliance board entitled the Public Company Accounting Oversight Board also known as the PCAOB. In the best interest of the investor, the PCAOB was developed as a non-profit corporation and was appointed the legal