Sarbanes Oxley Senior Thesis Papers

Sarbanes Oxley Senior Thesis Papers-41
The Sarbanes-Oxley Act of 2002 was enacted into law in 2002 to respond to the various financial scandals that were taking place in the for-profit corporate sector of the United States.The act was meant to address the abuse of finances and accounting standards by companies such as Adelphia, Enron and World Com where the executives of these companies defrauded their shareholders, their employees and the US economy of billions of dollars.For example auditor independence which falls under the second title deals with limiting the conflicts of interest that arise during audit reporting while corporate fraud accountability which falls under the eleventh title of the act deals with the identification of corporate fraud and the various penalties that are served to deal with fraud.

The Sarbanes-Oxley Act of 2002 was enacted into law in 2002 to respond to the various financial scandals that were taking place in the for-profit corporate sector of the United States.The act was meant to address the abuse of finances and accounting standards by companies such as Adelphia, Enron and World Com where the executives of these companies defrauded their shareholders, their employees and the US economy of billions of dollars.For example auditor independence which falls under the second title deals with limiting the conflicts of interest that arise during audit reporting while corporate fraud accountability which falls under the eleventh title of the act deals with the identification of corporate fraud and the various penalties that are served to deal with fraud.

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Companies that had strong internal controls were able to experience an increase in their share prices and their financial statements were more reliable (Morgan et al, 2008).

While many legislators have praised the Sarbanes-Oxley act to be effective in dealing with financial fraud within corporations, many business managers have expressed frustration with the act.

All these aspects are included within the eleven sections of the act where they analyse the specific mandates and requirements that managers need to have when conducting financial reporting (Kuschnik, 2008).

Each of these sub sections are important and necessary in the financial management of publicly traded corporation as they ensure that there is accountability during the management of financial funds.

They instead preferred to perform a single internal control testing exercise which would enable them to identify and document any financial issues or problems (Bednanrz, 2006). This essay on Sarbanes-Oxley Act was written and submitted by user Kolton Sharp to help you with your own studies.

You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly.

This review was seen to be important as it would enable the Securities and Exchange Commission (SEC) to temporarily freeze any transactions or payments that were deemed to be unusual for the company (Kuschnik, 2008).

In general, the act deals with ensuring the financial reports generated by auditors and finance managers within organization to develop internal control reports that can be used to determine the accuracy of the company’s financial data.

The new and enhanced standards within the SOX Act deal with additional responsibilities for the corporate board and chief executive officers of most organizations as well as the introduction of criminal penalties for managers caught defrauding corporations of public funds.

Other enhanced standards within the act include auditor independence, enhanced financial disclosures, conflicts of interest and corporate fraud accountability.

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