Sarbanes-Oxley Act of 2002 ACC 100 03/11/11 Sarbanes-Oxley Act was drafted by Senator Paul Sarbanes and Representative Michael Oxley and was signed into law by President George W. Bush on July 30‚ 2002. The Sarbanes-Oxley Act is arranged in eleven titles‚ compliance in hand it is focused on sections; 302‚ 401‚ 404‚ 409‚ 802‚ and 906. The Sarbanes-Oxley Act was the outcome of the aftermath of the Enron‚ Tyco‚ and WorldCom scandals. The Sarbanes-Oxley Act (SOX)‚ was to prevent corporations
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Innocent: The Sarbanes-Oxley Act Hunter‚ B. (2007). Punishing the innocent: The Sarbanes-Oxley Act. Retrieved from www.fee.org/files/docLib/0703hunter.pdf ARTICLE SYNOPSIS Hunter’s article examines how the Sarbanes-Oxley Act (SOX Act) is too stringent and gives too much power over companies to governing bodies‚ i.e. the Public Company Accounting Oversight Board (PCAOB) (Hunter‚ 2007). It discusses how the SOX Act is unfair to domestic and foreign and small and large companies‚ their shareholders
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Sarbanes-Oxley Whistleblower Monique King‚ Lutecia Butler‚ Pola Jaramillo‚ Vernice Cunningham University of Phoenix Sarbanes-Oxley Whistleblower Abstract: Catherine Zulfer‚ a former employee of playboy filed a suit against them alleging that Playboy Enterprises violated provisions of the Sarbanes-Oxley Act of 2002. The former employee reports that playboy retaliated against her for refusing to participate in fraudulent activity against Playboy’s shareholders (Katz‚ Marshall& Banks
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Sarbanes-Oxley Act Student Name Professor Name ACC 403 – Auditing 8/19/2012 Sarbanes-Oxley Act The Effectiveness of Regulations. There used to be a time in the United States when there were no regulations in place to protect the public from corporate greed and deceit. Publically traded companies used the auditors they had on retainer to audit their financial statements. There was no reason to believe that such large corporations would allow their share holders to fall. That fairytale
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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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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. It came as a result of the large
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Internal controls are designed to safeguard assets‚ encourage employees to follow company policies‚ promote operational 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
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Question 1: What are the primary goals and tenets of SOX with respect to fraud? The Sarbanes-Oxley Act of 2002 was created to reduce financial statement fraud by two main congressmen; Senator Paul Sarbanes and Representative Michael OXLEY. The primary goal of the SOX was to fix auditing of US public companies ‚ also SOX improvement of the quality of audits in an attempt to eliminate fraud in order to protect the public’s interest‚ as well as for the protection of the investors (Donaldson‚ 2003)
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Volansky FROM: Theresa Pleasants RE: Sarbanes-Oxley law discourages risk-taking‚ corporate growth ARTICLE SYNOPSIS “Sarbanes-Oxley has created a trillion-dollar industry‚ consisting of lawyers‚ accountants‚ compliance officers and programmers‚ pushing for more bureaucratic procedures and criminal penalties for company management and entrepreneurs‚ creating fear and confusion‚ and discouraging risk-taking and corporate growth.” (Mishra‚ 2011) SOX Act has made it more cost effective and low risk
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I. Background on SOX The Securities and Exchange Commission was created in 1934 to police the U.S. financial markets. The pioneers of the Securities Exchange Act of 1934 saw a close connection between protecting investors and maintaining a healthy economy. In the past years‚ the SEC did not provide the regulation and control that might have prevented the worst results of the first decade of the twenty-first century. Its failures were of two kinds. First‚ succumbing to the deregulatory environment
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