The Sarbanes-Oxley Act Free Essay Example.
SARBANES-OXLEY ACT 2002 Institute Sarbanes-Oxley Act 2002 With the collapse of many huge organizations such as Enron, WorldCom, etc, there was a great need of proper Corporate Governance and control structure within organizations. Governance is about the strategic direction of a company and how that company is controlled. It is the system by which companies are directed and controlled in the.
Sarbanes-Oxley Act The Sarbanes-Oxley Act is a case of one bad apple spoiling a bunch. What is meant by this statement is because of one company’s selfishness and greed; a lot of other companies now have different hoops to jump and straight lines to walk, to keep the same thing from happening again.
This case highlights the importance of the kick-out provision in Section 806 of the Sarbanes-Oxley Act that authorizes whistleblowers to remove their claims to federal court after exhausting administrative remedies at the Department of Labor. SOX does not authorize punitive damages, but a SOX whistleblower can add a claim in federal court for which punitive damages are available and try both.
Sarbanes-Oxley Act of 2002 (SOX) refers to the law that concerns the disclosure of finances by public accounting firms in the U.S. There are different laws that are used for both profit and non-profit organizations in the healthcare field. SOX is one of the laws and the healthcare organizations are expected to comply with the law.
Answer to a. In the year 2002, Congress passed the Sarbanes-Oxley Act, also known as SOX. The purpose of the Act is to emphasize regulatory standards to be maintained by public accounting firms, and the management and board of public companies.
Essay on Impact Of The Sarbanes-Oxley Act Supporters of companies going public suggest that gaining additional capital is one of the benefits medium sized companies gain by going public.. it means that it has more of equity than debt, which is a good state in a company. In this case, the company can borrow debt capital or go public to gain.
Sarbanes-Oxley Act Assignment1: Sarbanes-Oxley Act Sieressa Woods Professor ACC 403: Auditing and Assurance August 19, 2012 Assignment: 1 Sarbanes-Oxley Act Say Sarbanes-Oxley Act (SOX) to anyone who is in the field of business and they will be able to tell you a story of Enron’s fraud and that it was because of Enron fraud SOX was created. Enron case was the case where the leaders were.