Sarbanes-Oxley Paper
Sarbanes Oxley Paper
The Sarbanes-Oxley (SOX) act was passed into law in 2002. It was created in response to major financial scandals that largely shook the public's confidence in corporate accounting practices. It was a significant response to improper record handling techniques. Under the law, corporate managers must assess whether they have sufficient safeguards to catch fraud and bookkeeping errors. There are consequences for not complying with the provisions of the act and there are certainly advocates and opponents of it. Price Waterhouse Coopers says "Without a doubt, the Sarbanes-Oxley Act is the single most important piece of legislation affecting corporate governance, financial disclosure and the practice of public accounting since the US securities laws of the early 1930s." (Pricewaterhousecoopers).
High-profile scandals such as those committed by Enron and WorldCom were possible because before SOX, there wasn't a comprehensive system in place to check company......
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Approximate Word Count: 682
Approximate Pages: 3 (250 words per double-spaced page)
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