BUS 216 Project: Research the Sarbanes-Oxley Act of 2002 Sarbanes-Oxley Act of 2002 is one the most significant group of rules administered by government. (Rizvana Zameeruddin‚ n.d)“Hailed as the most significant change to securities laws since the 1934 Securities Exchange Act‚ a new penal law‚ 18 U.S.C. §§1348‚ an act commonly known as the Sarbanes-Oxley Act of 2002‚ was signed into law by George W. Bush and became effective on July 30‚ 2002”. Act includes wide-ranging amendments to legal entities
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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 Commission
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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 new or
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Sarbanes-Oxley Act Article Analysis This article discussed the reasons why the Sarbanes-Oxley Act was enacted. The corporate fraud and dishonesty the was present in companies such as Enron Corp‚ WorldCom‚ and Adelphia Communications‚ Inc. required the Federal government to enact legislation that would protect the free enterprise system within the United States. The Sarbanes-Oxley Act established the Public Company Accounting Oversight Board (PCAOB) that is responsible for regulating accounting
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Sarbanes-Oxley Act of 2002 Article Review LAW/421 October 8‚ 2012 Thomas Glenz Sarbanes-Oxley Act of 2002 Article Review The Sarbanes-Oxley Act was a daring attempt to legislate morality with the intentions of restoring integrity with the public in financial markets. The Sarbanes-Oxley Act is a direct result from corporate scandals like WorldCom‚ Enron‚ Adelphia‚ and Tyco‚ which succeeded in the collapse of these major corporation and ruined people’s lives. The mistreatment of employees
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The Sarbanes-Oxley Act is organized into eleven titles and protects from errors in accounting to fraudulent practices. IT and financial departments are affected due IT departments the daunting task of having to produce and preserve a archive of corporate files in a way that is lucrative and that complies with the requirements set forth by the legislation. The Sarbanes-Oxley Act states that all records can only be saved for five years. SOX
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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 the article conduct
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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. This Act increased
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Chapter 5: the Sarbanes- Oxley act of 2002 involved the public anger that started when Enron‚ WorldCom‚ and other big companies scandals. This is when there was support for white collar crime when it came to accounting standards. Under the law of federal sentencing rules to make sure that white collar criminals are being punished. (Barnes‚ 2012). 1. For someone to alter or get rid of documents and there intensions to obstruct or effect the crime/case. 2. The CEO (chief executive officer) and the
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Services Act 2007. The company runs a fully combined exchange‚ proposing the complete series of exchange-related services. This includes trading‚ clearance‚ settlement and repository services. There are many public listed companies in the Bursa Malaysia but most of these companies are consider going private for several reasons that the SOX act has affect their companies (An Analysis of Why Public Listed Companies Go Private in Malaysia‚ Lau Chee Chin‚ 1998). The History of the Sarbanes Oxley Act of
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