Question
In: Accounting
Assess the requirements of the Sarbanes-Oxley Act related to accounting quality, indicating whether or not you...
Assess the requirements of the Sarbanes-Oxley Act related to accounting quality, indicating whether or not you believe the requirements are sufficient to protect stockholders and potential investors. Provide support for your position.
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Expert Solution
ANSWER:
The requirements of the Sarbanes-Oxley Act (SOX) related to accounting quality are:
- Creation of Public Company Oversight Board for managing, directing, examining and teaching bookkeeping firms in their parts as evaluators of open organizations.
- A prerequisite that open organizations assess and uncover the viability of their inward controls, as they identify with money related detailing and that free evaluators for such organizations 'validates such exposures.
- Certification of monetary reports by CEOs and CFOs.
- Auditor Independence.
- A necessity that organizations recorded in stock trades have completely free review boards of trustees.
- Ban on most individual advances to official officer or chief. • Accelerated revealing of insider exchanging.
- Prohibition on insider exchanges amid annuity finance power outage periods.
- Additional revelations.
- Enhanced criminal and common punishments for infringement of securities law.
- Significantly longer most extreme correctional facility sentences and bigger fines for corporate administrators who purposely and wilfully misquote monetary explanations.
- Employee insurances permitting that corporate extortion shriek blowers who document grumblings with OSHA inside 90 days.
ekkarill92 answered 1 year agoRelated Solutions
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Review the provisions of the Sarbanes-Oxley Act of 2002 to
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List the existing provisions in the Act do you believe
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