Sarbanes-Oxley Act

Paper Summary:

The paper outlines the Enron Corporation scandal and provides an overview of the Sarbanes-Oxley (SOX) legislation and its fifteen major provisions. The paper then discusses how SOX has required more rigorous accounting information systems and more protection against security threats. The paper posits that although it is a fairly new piece of legislation, SOX will likely continue to affect corporate America for years to come

Outline:
Introduction
The Events Leading up to Sarbanes-Oxley
SOX Overview
Provisions of SOX
Major Impacts on Accounting Information Systems of SOX
Overall Implications and Conclusion

From the Paper:

"Prior to the enactment of the Sarbanes-Oxley Act (SOX) several large corporate accounting scandals had plagued corporate America. Of these, the most publicized were Enron, WorldCom and Tyco. These events rocked the financial world to the core, shaking investor confidence, and highlighting several significant problems in the accounting industry. In response, SOX was created to put tighter controls on public corporations, with the creation of the Public Company Accounting Oversight Board (PCAOB) and covering issues including: corporate governance, auditor independence, internal controls, and enhanced financial disclosure."

Sample of Sources Used:

• Beard, D. & Wen, H. "Reducing the Threat Levels for Accounting Information Systems." The CPA Journal. May 2007. New York State Society of CPAs. December 3, 2007 <http://www.nysscpa.org/cpajournal/2007/507/essentials/p34.htm>.
• Collins, J. "15 Key Provisions of Sarbanes-Oxley." Microsoft Dynamics. 10 Nov 2004. Microsoft. December 3, 2007 <http://www.microsoft.com/dynamics/nav/product/navision_15_major_sox_provisions.mspx>.
• H.R. 3763. 23 Jan 2002. Government Printing Office. December 3, 2007 <http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=107_cong_bills&docid=f:h3763enr.tst.pdf>.
• Lucci, J. "Enron - The Bankruptcy Heard Around the World and the International Riccochet of Sarbanes-Oxley." Albany Law Review 67(1) 2003: pp. 211-249. Academic Search Premier. EBSCOHost. University of Phoenix, Phoenix, AZ. December 2, 2007 <http://web.ebscohost.com>.

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