Sarbanes-Oxley Act 2002

Paper Summary:

This paper explores the Sarbanes-Oxley Act of 2002 and the impact of the act on small businesses. As part of this review is an outline of the Sarbanes-Oxley Act of 2002 and an exploration of the importance of Sarbanes-Oxley conformity on the market and economy. It looks at the cost of implementation of internal controls and audit fees, provides a review of fraudulent behavior and a review of prior academic research. It also discusses the impact of Sarbanes-Oxley on small businesses and what, if any, is being done to help the small business community to conform to the new regulations.

Outline
Overview of Sarbanes-Oxley Act of 2002 (SOX)
Which Companies Need to Comply With Sarbanes-Oxley?
Why is The SOX Act of 2002 Significant?
How Can SOX Help Small Businesses
Information Technology Solutions for SOX Compliance
What is the Impact of SOX on Smaller Businesses?
Is There Any Help for Small Business Compliance?
Are There Significant Findings in Academic Research?
Finally - Fraudulent Behavior
Conclusion

From the Paper:

"One of the main focal points of SOX is to bring back investor confidence by forcing corporate accountability and giving the corporations the mechanisms to do so. Investor confidence is extremely important for the survival of the economy. As investor confidence declines so does the stock market and as a result we will also see a decline in the economy's health. When investors lose confidence in the market, consumers tend to spend less and less on big ticket items such as putting off buying a new car.6 If the economy continues to lose confidence the lack of big ticket purchases and the undervaluing of stock will begin to hurt businesses. "

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