Question
In: Accounting
Explain the purpose of Sarbanes Oxley Act of 2002
Explain the purpose of Sarbanes Oxley Act of 2002
Solutions
Expert Solution
The Sarbans- Oxley Act of (SOX) is an act passed by U.S. Congress in to protect investors from the possibility of fradulent accounting activities by corporations. The Sarbanes Oxley Act mandated strict reforms to improve financial disclosure from corporations and prevent accounting fraud.
The main purpose of Sarbanes oxley act is to ensure that the corporate sector works with transparency and provide full disclosure of information as and when required. The transparency purpose of the SOX is fulfill by ensuring real time disclosure of information, the adherance to guidelines of the GAAP, Full financial detail being made available of all the transactions not maintioned in balance sheet. This purpose is SOX Act is also fulfilled by an expanded disclosure of financial & non- financial control measures in force in every Co. Similarly, public certification of these internal Controls and financial measures also help fulfill the purpose of SOX.
ekkarill92 answered 1 year agoRelated Solutions
Summarize and compare the regulatory efforts of The Sarbanes-Oxley Act of 2002
Summarize and compare the regulatory efforts of The
Sarbanes-Oxley Act of 2002
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Williams Act of 1968
Sarbanes - Oxley Act of 2002
Why was the regulation brought into existence?
• What were the main provisions of the regulation? •
Was the regulation successful? •
Provide real-world examples related to this regulation (e.g.:
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regulations)
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Describe the Sarbanes-Oxley Act of 2002 and specifically
describe the details of the act, how it affected companies, who is
required to comply with the act and whether or not (in your opinion
and why) it has fulfilled its goals.
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The Sarbanes Oxley (SOX) Act was
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table below summarizes all 2030 responses to the question, “Which
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distribution...
The Sarbanes-Oxley (SOX) Act was enacted in 2002 for companies in the private sector as a...
The Sarbanes-Oxley (SOX) Act was enacted in 2002 for companies
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However, it does not apply to government. Should SOX-like
provisions be required for the federal government? Has there been
any move in this direction? Why or why not?
The Sarbanes Oxley Act was issued in 2002 in response to the many corporate scandals to...
The Sarbanes Oxley Act was issued in 2002 in response to the
many corporate scandals to help reduce fraud, improve the
reliability of financial reporting and restore public confidence in
the accounting profession. Identify a financial reporting fraud
that occurred prior to 2002 and discuss how the requirements of SOX
could have prevented the fraud from occurring.
Review the provisions of the Sarbanes-Oxley Act of 2002 to address the accounting scandals in the...
Review the provisions of the Sarbanes-Oxley Act of 2002 to
address the accounting scandals in the late 1990s and early 2000s
(Enron, WorldCom, etc.)BELOW:
Identify the provisions that you believe made the most
significant impact. What other provisions could have been included
in the Act to strengthen the responsible stewardship and integrity
of the accounting profession? Conversely, what existing provisions
in the Act do you believe (if any) are unnecessary or over-regulate
the profession?
As a result of corporate accounting...
Review the provisions of the Sarbanes-Oxley Act of 2002 to address the accounting scandals in the...
Review the provisions of the Sarbanes-Oxley Act of 2002 to
address the accounting scandals in the late 1990s and early 2000s
(Enron, WorldCom, etc.)BELOW:
List the existing provisions in the Act do you believe
(if any) are unnecessary or over-regulate the
profession?
As a result of corporate accounting scandals, such as those at
Enron and WorldCom, the U.S. Congress enacted the Sarbanes-Oxley
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Discuss the major components of the Sarbanes-Oxley Act of 2002 and Corporate Governance?
Discuss the major components of the Sarbanes-Oxley Act
of 2002 and Corporate Governance?
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In July 2002, Congress passed the Sarbanes-Oxley Act. The
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their audit firms. Explain briefly how the Act
affects audit firms concerning audit reports, audit documentation,
internal control, and other services provided by auditors to their
clients. ( In a paragraph form if possible, would be great to
answer it).
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