Overview Of The Sarbanes-Oxley Act

The financial scandals in early 2000s caused the Sarbanes-Oxley Act of 2002 to be created. Enron, WorldCom and the accounting firm, Arthur Andersen, to intentionally mislead their shareholders by exaggerating their profits and understating their expenses. The scandals had raised the importance of internal control for enhancing corporate governance. Therefore, the government established the SOX to protect the interest of the investors and employees and to monitor the companies and auditors.

The Sarbanes-Oxley Act of 2002 is a legislative response to a number of corporate scandals that sent shockwaves through the world financial markets. Some of the biggest issues involved Enron, Tyco and WorldCom. The Sarbanes-Oxley Act, commonly referred to as SOX, attempts to strengthen corporate oversight and improve internal corporate control. The main purpose of the Sarbanes-Oxley Act is to protect shareholders from fraudulent representation in corporate financial statements. Investors need to know that the financial information they rely on is truthful, and that an independent third party has verified its accuracy.

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The Institutional Review Board (IRB) was given the opportunity to give independent and prospective review and approval prior to the study beginning. Participation was voluntary for the women applying for identification. They were informed they could withdraw at any time if they wanted to and that no harm would come to them from participating. There were no incentives to any participants for completing the questionnaire. Participants were informed their survey answers would remain confidential from anyone and that all necessary steps would be taken to ensure their confidentiality would be

“There are so many accountants but it’s so difficult to get somebody, who is a new graduate, but already knows [the job]. [Their] college education should have prepared them for that.” – Lucy Tarriela, Asst. Treasurer, Employers Confederation of the Philippines.

My fourth assignment will be discussing and analyzing presenting insights and findings. In the first part, I will be writing about different components of report. In the second part, I will be discussing and analyzing presentation and its parts. In the last part, I will be adding my point of view including recommendation and will be ending my assignment with conclusion and references.

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Throughout Kennedy 's "Don 't Shoot" he shows us the method that consists of Project Ceasefire, statistics, and many instances where this project was a major success wherever it was implemented. The Operation Ceasefire entailed deterrence aimed at the group itself, not individuals. With Kennedy 's detailed account of the project, if a Police Chief approached me and asked me to implement operation ceasefire, I would do the following steps and in the following order: Establish necessary research components, pressure and enforce zero tolerance rule, call-ins, and finally, keep training law enforcement agencies periodically.

In Government it is a well-known fact, “there are no secrets”. Every public organization is accountable for their actions and their expenditures. Fiscal transparency is a critical element in today’s public financial management system. Transparency also provides a window into government budgets for citizens, helping to hold their leadership accountable. Transparency and honesty in government finance are so integral, in 1982 the U.S. Government established the Federal Managers Financial Integrity Act (FMFIA). An Act to amend the Accounting and Auditing Act of 1950 to require ongoing evaluations and reports of the adequacy of the systems of internal

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The creation of the Sarbanes-Oxley Act of 2002 (SOX Act) by senator Paul Sarbanes and representative Michael G. Oxley impacted a change in the way accounting was reported by government and non government bodies. It’s creation stemmed from the many corporate scandals occurring at the time such as Enron and Worldcom. The creation of this act opened many channels for the government to enforce oversight into the inner practices of large corporations. The Sarbanes-Oxley Act of 2002 was the drastic change the government needed to manage and review corporate financials and reporting practices. By forcing corporations to comply with a more stringent set of regulations and allowing the government an audit and oversight board, they were allowed to positively

Bookkeeping, accounting, and auditing clerks work long hours to meet deadlines at the end of the fiscal year. This includes during tax time or when monthly or when yearly accounting audits are performed. These work conditions involve bookkeeping, accounting, and auditing clerks work in offices like many occupations involving a lot of paperwork. At times, bookkeepers who work for multiple firms may visit their client’s place of business. Often they work alones, but sometimes they work together with accountants, managers, and auditing clerks from other departments.

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The unrealistic expectations of external users of financial statements to assume that an auditor remains totally impartial to client influence is a conclusion drawn from psychological research. The legal system forms the opposite view and has determined that external users should be able to rely implicitly on an auditor’s determination. Accounting standards have set expectations of auditor independence and neutrality. (Max H. Bazerman, 1997) The entire concept of professional scepticism and its application is the true and fair representation of financial statements to the users of these