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One of the most influential pieces of legislation was the Sarbanes-Oxley Act of

Economics
Tutor: None Selected Time limit: 1 Day

One of the most influential pieces of legislation was the Sarbanes-Oxley Act of 2002. And explain the implications of this act and discuss its impact to an organization of your choice.

Oct 25th, 2014

Sarbanes-Oxley Act of 2002

It is an Act to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes.

This legislation has the purpose of protecting the interest of a company’s shareholders through amending regulations in financial practice and corporate governance. This is of substantial value however; it is more complex and strict when it comes to compliance and independence in order to prevent fraudulent activities and boost public confidence.

Through SOX, management has to increase their oversight of the activities that the company undergoes and the independence of the outside auditors who review the accuracy of corporate financial statements is more strengthened. The act greatly affected issues auditor independence, corporate governance, enhanced financial disclosure and internal control assessment.

As to the organization of my choice, businesses such as large scale companies such as corporations should really adhere and follow SOX since it is truly a repsonsibility. It can be more costly and complicated but it still gives long-term benefits and security in the company, its shareholders and prospected investors.

hope this helps! :)
Good luck.

Oct 27th, 2014

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