Strategic Financial Analysis February 8‚ 2014 Case 1-10 A). The Sarbanes Oxley Act (SOX) refers to " the Commission" in several sections. To what Commission is SOX referring? SOX is referring to the Securities and Exchange Commission (SEC). This Commission is has the " authority to determine GAAP ( Generally Accepted Accounting Principles)‚ and to regulate the accounting profession ( Gibson‚ 2013‚ p. 2)." Because the SEC has the authority over GAAP it also has authority
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(i) Glass-Steagall Act (1933) Great Depression At the time after the stock market crash (1929)‚ during the Great Depression‚ most of the people agreed that the main cause for the event was the “improper banking activity” which was mainly seen as the bank involvement in the stock market investment. Banks were taking high risks in hope for rewards‚ they were “accused of being too speculative in the pre-Depression era” (HEAKAL‚ 2010‚ pg.1). They were not only investing their assets‚ but they
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behind him and asked him a question‚ “Do you think Julia is pretty”. Pompey pondered the question with interest and replied‚ “Why do you think Julia is pretty”. Now Jamie did not know how to reply to his question even though he started the conversation. “Um never mind I’m going to go eat downstairs”‚ said Jamie. After Jamie left Pompey started wondering about Jamie’s question “Julia is pretty but why would Jamie ask that”‚ he thought to himself. Pompey did not think about the question any further and
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Final Policy Paper Examination of Sarbanes Oxley Act By Murtaza Moiz Student ID# 861034573 Ethics and Law in Business and Society Bus 102 Professor: Dr. Sean Jasso TA: Tommy Table of Contents Abstract Section 1 Prologue 1 The Past of Sarbanes Oxley Act 3 Tracing Implementation of the Bill 5 Tracing the Act’s Implementation 7 Impact on Businesses and Societies 9 Pessimistic Impacts 10 Optimistic Impacts 10 Value of Corporate Social
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The United States has several laws that are intended to further fair‚ balanced‚ and competitive business practices. These laws are typically effective as control measures to ensure fair business practices are followed. Determining the success or failure of specific legislation or regulations can be relative to what angle you are looking from. This paper will discuss the Sarbanes – Oxley Act of 2002 and how it addresses concerns surrounding fair accounting practices. Anytime new laws or regulations
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Sarbanes-Oxley Act of 2002 Karla Azcue ACC 120-09 Mr. Donald Senior The Sarbanes-Oxley Act of 2002 is one of the most important legislations passed in the 21st century effecting financial practice and corporate governance. This act was passed on July 30‚ 2002 thanks to Representative Michael Oxley a republican from Ohio and Senator Paul Sarbanes a democrat from Maryland. They both passed two different bills that pertain to the same problem which had to do with corporation’s auditing accountability
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Sarbanes Oxley Act‚ 2002. Outline In this paper the Sarbanes Oxley Act with particular reference to the section 404 is discussed in detail. We shall start the paper with providing background information to the Sarbanes Oxley Act‚ 2002. This section explores the environment that spurred the creation of the act and the need for such legislation. The second section provides an introduction to the Sarbanes Oxley Act section 404 which explores the provisions of Section 404. The next section on ‘Internal
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of Section 404 of the Sarbanes-Oxley Act Darren Abraham MSAF 670 University of Maryland University College The Sarbanes-Oxley Act (SOX) is a legislation enacted in 2002 under the sponsorship of U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH). The law introduced increased government oversight for publicly held companies. It also imposes additional management responsibilities and corporate operating costs on companies trading under SEC regulations
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Effect of Sarbanes-Oxley (SOX) and the Public Companies Accounting Oversight Board (PCAOB) on Auditing Practice In business‚ there should have various rules and regulation governing in order to avoid mismanagement and frauds associated. In the United States‚ several bodies have been put in place to oversee‚ create registration‚ reporting and‚ providing transparency. Such bodies include‚ the Sarbanes-Oxley (SOX) which eventually resulted in the creation of the Public Company Accounting Oversight Board
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Sarbane-Oxley Act 2002 and Federal Sentencing Guildelines for Organizations Ethics and compliance issues are nothing new. The U.S Federal Sentencing Guidelines for Organization instituted in 1991‚ and now the Sarbane-Oxley Act 2002 are aim to protect shareholders and other stakeholders from corporation misconduct. One of their goals is to require employees to report observed misconduct. In 2002‚ after accounting fraud at Enron and WorldCom‚ Congress passed the Sarbanes-Oxley to establish a system
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