An overview of the Sarbanes-Oxley legislation and its effect on corporate governance.
Written in 2008; 822 words; 7 sources; APA; $ 29.95
Paper Summary:
The paper discusses how the Sarbanes-Oxley Act took control of accounting regulation out of the hands of the accounting industry and placed it in the hands of the Public Company Accounting Oversight Board. The paper explains that the Act was passed in response to several corporate accounting scandals and was intended to restore public confidence in America's capital markets. The paper relates that while some are embracing the Act, voluntarily becoming SOX compliant, others are bypassing it completely due to its high costs, choosing instead to deregister their organization with the SEC.
Outline:
Introduction
Sarbanes-Oxley Act & Corporate Governance
Cost of Corporate Governance Due to SOX
Conclusion
From the Paper:
"The Sarbanes-Oxley Act (the Act), also known as the Public Company Accounting Reform and Investor Protection Act of 2002, or simply SOX, was enacted on July 30, 2002, as a response to a plethora of accounting scandals that had recently plagued corporate America. Powerful companies such as Tyco International, Enron, Adelphia, and WorldCom had fraudulently adjusted financial records that ended up costing shareholders billions of dollars, when the truth came to light and their stock prices plummeted. Sarbanes-Oxley is one of the most comprehensive pieces of accounting reforms, since the days of Franklin D. Roosevelt (Bumiller, 2002; Wegman, 2007). The aims of this legislature was to prevent future fraudulent corporate finance reporting, by tightening corporate governance regulations (Grumet, 2007)."
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