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Sarbanes Oxley Act

 Sarbanes Oxley Act Dissertation

Sarbanes Oxley Act

Eau-de-vie Lafontaine

Mrs. Ashley Harper, MS, CPA

Auditing ACC 403

Might 20, 2013

The Sarbanes Oxley Action was approved in 2002, and arrived to effect reacting to major accounting scams such as Enron. The Work was designed to restore the public's self-confidence in the accounting profession and in the currency markets. Sarbanes Oxley Act Section 802 pertains to corporate and criminal fraud accountability. The section imposes penalties up to ten years imprisonment for accountancy firm who knowingly and voluntarily violate the upkeep or review papers of the audit (Sarbanes). The section also imposes fines and imprisonment up to twenty years pertaining to knowingly wrecking documents or falsifying data that impend a legal investigation (Sarbanes). The strict penalties and penalties help to detour accountants and business workers from taking part in fraud and also other illegal activities. There are also a number of other parts of the Sarbanes Oxley Act that help guard investors and minimize corporate fraud. CEO's and CFO's are required to personally certify the accuracy of economic reports (Bumgardner, 2003). CEO's and CFO's that participate in falsifying claims also confront strict fees and penalties, up to a decade for knowing and up to twenty years if perhaps willing (Bumgardner, 2003). I think this part of the Act was at response to scandals such as Enron and Worldcom. The CEO's and CFO's of those businesses that took part in fraudulence were made samples of, but to keep CEO's coming from participating in these types of frauds they made a law to detour them and to continue to keep these type of people from getting the legal security of not knowing. Also to protect investors in these cases of fraudulence, any community company which makes a required restatement because of misconduct, the CEO can be forced to lose any bonuses or revenue gained by selling business stock for the one year period ( Bumgardner, 2003). The Sarbanes Oxley Act likewise requires every material from the balance sheet orders and exceptional...

Cited: Brehmer, Thomas. November 30, 2012. Sarbanes Oxley Has Failed to deal with the Problem of

Taxation Firm Freedom. Retrieved by www.accountingtoday.com on May 20, 2013.

Bumgardner, Lewis. 2003. Amount 6 Concern 1 . How does the Sarbanes Oxley Take action Impact

American Business? Retrieved from www.pepperdine.edu on May twenty, 2013.

Ernest & Young. The Impact of the PCAOB and Effect on Examine Committees. Recovered from

www.ey.com on May twenty, 2010.

Sarbanes Oxley Action 2002. Sarbanes-Oxley Section 802. Retrieved by www.soxlaw.com

On, may 20, 2010.

Schaub, Micheal. April twenty one, 2010. What Self Legislation Look Like. Recovered from

www.maysbusiness.tamu.edu on, may 20, 2010.

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