Sarbanes-Oxley Act
Introduction
The recent corporate scandals that have occurred at Enron, World.com and Tyco, to name a few, have done more than anger investors and the public. To the relief of many, these corporate scandals have spurred the government to pass legislation that significantly impacts the manner in which organizations present their financial statements. The Sarbanes-Oxley Act passed in 2002 sought to combat fraud by "improving the reliability of financial reporting, and restoring investor confidence" (Wagner, 2006, p. 133). Given the fact that Congress has not passed substantial legislation impacting the financial reporting of the organization since the 1930s, the passage of the Act clearly has notable ramifications for change. In an effort to assess that change, this investigation considers an overview of the Act and how it will impact corporate financial reporting.
Sarbanes-Oxley—An Overview
A precursory overview of the Sarbanes-Oxley Act demonstrates that there are a host of......
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