Sarbanes – Oxley Act - Canadian Response
Sarbanes-Oxley Act
Introduction
Sarbanes-Oxley (also known as Public Company Accounting Reform and Investor Protection Act of 2002) is not the first act of its kind. The 1920’s was the first time the general public began to purchase stocks-before then the stock market was a rich person’s game. The average investor was uninformed and uneducated, which lead to wild manipulation of stock prices by speculators. The end result was that $50 billion of new securities issued during that time had become worthless, causing the crash of the stock market and the loss of many people’s life savings, eventually leading to the great depression. This lead to one of the most significant regulatory acts passed in the United States-Securities and Exchange act of 1934 (which first introduced the Securities and Exchange Commission-the SEC-that we know of today).
Leading up to the 1990’s, there was a growing concern on the quality of corporate financial accounting. This concern was fueled......
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Approximate Word Count: 6294
Approximate Pages: 26 (250 words per double-spaced page)
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