XACC 290 Week 9 Capstone Dq

timer Asked: Jun 10th, 2014
account_balance_wallet $5

Question Description

In the wake of accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal controls in complying with SOX (2002)?.

Tutor Answer

School: Boston College

Developed in reaction to many corporate claims of fraudulent behaviors regarding financial concerns, Sarbanes-Oxley Act requires security policies and controls that provide confidence within the accuracy of financial statements and public disclosure to stakeholders. additionally, SOX gave birth to he PCAOB, tasked with oversight and regulatory compliance enforcement. As a result of this act, organization are obligated to ensure financial intergrity through auditing and monitoring as internal controls.

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