This paper debates one of the most important current subjects in accounting and controls field: The Sarbanes-Oxley Act (SOX). It was approved by the Congress after company gossips in which businesses after giving deceitful financial reporting that indicated they were more financially sound than they actually were, went bankrupt. Representative Michael Oxley and Senator Paul Sarbanes suggested the Act to make stronger company accountability and governance, and avoid this kind of fraud. The Act was proposed to defend investors by demanding internal accounting checks and balances surrounded by a company and guarantee accurate financial reporting. The Act was signed into law by President Bush on July 30, 2002. Sarbox comprehends multiple titles, eleven in total. A brief description of the sub-sections of the act is provided below:.
1. Public Company Accounting Oversight Board (PCAOB).
The Public Company Accounting Oversight Board (PCAOB) was established as a result of the passage of the act, to ensure that interests of the investors in public companies are secured, and the audit reports are developed and represent true and fair opinion on the affairs of the company.
2. Auditor Independence.
The 'independence' of the auditor is critical for performing any audit related activity for any client. ISACA (Information Systems Audit and Controls Association) (2004) requires auditors to be independent of the audited in both attitude and appearance (professional independence) and the entire audit function to be independent of the area or activity being reviewed to permit objective completion of the audit assignment. The act requires the auditors to be independent. The law states that auditors should not have any operational and/or decision making role for the activity which they are auditing. .
3. Corporate Responsibility.
The act requires public companies to certify in their financial reports that a senior manager has evaluated the report and that the report does not have material misstatements.
The Boston Red Sox "Baseball is not a matter of life and death, but the Red Sox are." ... Williams played with the Sox from 1939-1960. ... Since he came to all the Sox games, he was converted from a Yankee fan to a Red Sox fan. ... Another Red Sox great joined the team in 1960. ... It was the season that saved the Sox. ...
Effectiveness of SOX Against Fraud The Sarbanes-Oxley Act of 2002 have somewhat changed public companies, which is undisputable. ... SOX also obligated new reporting, audit, admission and ethics requirements, and generated internal reporting and whistleblower assemblies which assisted in influencing the Dodd-Frank Wall Street Reform and Consumer Protection Act. ... These occurrences give SOX increased leverage and responsibilities. Due to SOX, boards are now more focused on their responsibilities. Since the Sarbanes-Oxley Act has been implemented, there has not been a Tyco, Enron, or a WorldCo...
Effectiveness of SOX Against Fraud The Sarbanes-Oxley Act of 2002 have somewhat changed public companies, which is undisputable. ... SOX also obligated new reporting, audit, admission and ethics requirements, and generated internal reporting and whistleblower assemblies which assisted in influencing the Dodd-Frank Wall Street Reform and Consumer Protection Act. ... These occurrences give SOX increased leverage and responsibilities. Due to SOX, boards are now more focused on their responsibilities. Since the Sarbanes-Oxley Act has been implemented, there has not been a Tyco, Enron, or a WorldCo...
One of the largest and most influential of these laws set in place to prevent falsified financial reporting and protect the public is the Sarbanes Oxley Act (SOX), which was implemented immediately after the Enron corporate scandal in 2001. ... Anderson acted as both Enron's internal and external auditor, which poses a huge conflict of interest and is a recipe for disaster. ... Now that its clear how and why Enron falsified their financial statements and collapsed, it is time to speak about the positive outcome from all this; the Sarbanes Oxley Act (SOX). The Sarbanes Oxley Act, implement...
When the glorious game ended on the baseball field at Fenway Park, the Red Sox made a promise to the people of Boston. ... Let this day be taken as a sign forever between the Red Sox and the loyal baseball fans of Boston. ... The Curse shall be forgotten in all the remaining years of the Red Sox. ... So the people obeyed his request and each burned his own Yankees flag in mourning of the 26 championships they stole from the Red Sox over the past 85 years. ... Prostitutes knew many men, cars were flipped in excitement, and burnt offerings were made to Red Sox legends. ...
For 86 years fans of the Boston Red Sox have suffered through crushing defeat after crushing defeat. ... Up until 2004 my father and even his father had never lived through a Red Sox World Series victory. ... The Sox brought in a pinch runner, Dave Roberts on first base. ... This time the Red Sox needed a big game from their ace pitcher Curt Schilling. ... The sox went on to win the game 4-2 and the series was tied 3-3. ...
The Black Sox Baseball Scandal Baseball had boomed early in the 1900's. ... The Chicago White Sox were set to play. The White Sox were one of the best teams in the league that year. ... The Sox won three games during the series, but the Reds won five. ... In conclusion the Black Sox Scandal has changed baseball. ...
The Sarbanes-Oxley Act was named after senator Paul Sarbanes from Maryland and senator Michael Oxley from Ohio who were the co-sponsors of the act. ... A study in 2007 showed that the cost of compliance with the SOX Act for large companies that make around 5 billion can be up to 3 million. ... Due to the demands of the SOX Act companies have to reach out externally and even sometimes move their company overseas. ... The SOX act has improved many internal processes such as, control measures, risk evaluation, control monitoring and overall functions of their business. Without these improvements ...
(Facts)(Major Players) A day before the first game of the 1919 World Series, the Chicago White Sox vs. the Cincinnati Reds, (Black Sox Fix) Rothstein orders everyone that is involved to meet at the Sinton Hotel. ... The Series continues, and the White Sox come back and win games six and seven. ... The World Series of 1919 became known as the "Black Sox Scandal." The former eight members of the White Sox received the name "Black Sox" because they betrayed their teammates, as well as their fans. ... It also affected the lives of many people who had bet on the White Sox to win the World Ser...
