This written assignment will present and discuss the positive and negative affects that Sarbanes Oxley has on publicly traded corporations‚ the accounting professions‚ and financial statement users. I will use different resources in order to discuss these two sides and concentrate more in the actual Sarbanes-Oxley Act of 2002. Sarbanes-Oxley was created to improve quality and transparency in financial reporting‚ independent audits‚ and accounting services for public companies. SOX was also established
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Whistleblowing and Sarbanes-Oxley Assignment 1 Strayer University LEG500 Professor Lundondo Mumeka Abu Abbasi October 28‚ 2014 Whistleblowing and Sarbanes-Oxley: Key characteristics of a Whistleblower What is a whistle-blower? A whistle-blower can be an employee or an ex-employee of a company who have evidence of deceitfulness and/or unethical behavior in the organization or behavior in the business that is not in the best interest of the public (Fernando‚ 365). Whistle-blowers usually disclose
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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 reform
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efficiency‚ and ensure accurate accounting records. Requirements R1. Which objective is most important? R2. Which must the internal controls accomplish for the business to survive? Give your reason. 2. The Sarbanes-Oxley Act affects public companies. Requirement R1. How does the Sarbanes-Oxley Act relate to internal controls? Be specific. 3. Separation of duties is a key internal control. Requirement R1. Explain in your own words why separation of duties is often described as the cornerstone of internal
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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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ADVANTAGES AND DISADVANTAGES OF USING INTERNET In the history of human mankind‚ the Internet has undoubtedly been the greatest development in the domain of communication industry. Internet has tremendous potentials and a lot to offer in terms of services. However‚ if examined carefully‚ the Internet appears to have not only advantages but also some drawbacks. One good point is that the Internet is a source of information. There is a huge amount of information available on the Internet for just
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The Advantages and Disadvantages of Communicative Language Teaching The Advantages and Disadvantages of Communicative Language Teaching By HAH Introduction The focus of this essay is to highlight the advantages and disadvantages of Communicative Language Teaching (CLT). In doing so‚ it is important to first clarify the meaning of CLT and it’s place in the ongoing history of language teaching methodology. CLT is generally accepted as the most recognized‚ contemporary approach to language
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Advantages and disadvantages of wired/cabled network A wired network is more reliable and has generally a higher bandwidth (is faster..) than a wireless network; while it constraints to the availability and length of connection cables‚ can be more expensive than a wireless network and may not fit specific situations such as reaching some remote areas or being used with mobile devices. Advantages and disadvantages of wireless network Advantages: * Flexible if there is ad-hoc situation when
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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 legislation
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Advantages of Total Quality Management (TQM) Improves Reputation - TQM programs have the advantage of improving corporate as well as product reputations in the marketplace‚ because errors and defective products are discovered much more rapidly than under a non-TQM system‚ and often before they are ever sent to market or found in the hands of the public. Higher Employee Morale - Compared to employees who are motivated‚ disengaged workers are less efficient‚ miss more workdays and cost organizations
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