Description
Write a proposal on a Sarbanes Oxley scenario
Explanation & Answer
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Running Head: THE SARBANES-OXLEY ACT (SOX)
Company compliance with The Sarbanes-Oxley Act (SOX)
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THE SARBANES-OXLEY ACT (SOX)
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Company compliance plan with The Sarbanes-Oxley Act (SOX)
Fundamentally, The Sarbanes-Oxley Act (SOX) Act is an existing federal law enacted
and came into effect in the year 2002. The law was sponsored by Senator Sarbanes thus bearing
the name. SOX purposed to regulate business operations including corporate governance,
operations of managers and directors and most importantly financial monitoring and practices
including preparation of financial statements such as income statements (Mead & Sack, 2015).
Introduction of SOX federal law was instigated by proliferation corporate scandals including
reference to WorldCom and Enron scandals. As such, the law provides for the conduct of the
business staffs in providing governance in the company. Penalties are also provided accordingly.
Critics of SOX law assert that implementation of the law is costly but proponents of SOX law
say that adhering to the provisions of the law has contributed to reduction in fraudulent activities
as well as contributed to reduction in the conflict of interested considerably. SOX is divided into
11 sections or titles. For the purpose of this assignment, the paper will focus on five sections
including 302, 401, 404, 409 and section 802 of SOX Act. Every public traded company must
adh...
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