Regulatory Compliance and Governance

User Generated

Crnpurf2294

Business Finance

Description

Purpose of Assignment

Corporate fraud has cost businesses and its shareholders millions of dollars and has been the source of legislation and regulations attempting to provide oversight and guidance to corporate boards, executives, and practitioners. Think about how these laws have changed the practices of corporate executives and, in light of the Enron scandal et al., has it been enough?

Assignment Steps

Resources: Legal Environment of Business: Online Commerce, Business Ethics, and Global Issues: Ch. 16 (pp. 364 -368), 22, and 23.

Scenario: The Sarbanes-Oxley Act (SOX) has been in effect since 2002 and has cost businesses millions of dollars in personnel and administrative costs. Your company is in the process of "going public," has underwritten its Initial Public Offering (IPO), and filed its registration statement with the Securities Exchange Commission. Your current executive team has asked you to create a plan ensuring SOX compliance is followed once you become a publicly traded company.

Review the pertinent sections of The Sarbanes-Oxley Act (SOX) Act. For purposes of this proposal to the board, only concern yourself with the compliance provisions of SOX (Sections 302, 401, 404, 409, and 802).

Create a maximum 1,050-word proposal to the board outling the compliance project necessary to implement SOX.

Cite a minimum of one reference for the five content areas taken from a business or legal resource. One resource must be from the University Library.

Format your paper consistent with APA guidelines.

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Explanation & Answer

Attached.

Running head: REGULATORY COMPLIANCE AND GOVERNANCE

Regulatory Compliance and Governance
Name
Professor
Institution
Course
Date

1

REGULATORY COMPLIANCE AND GOVERNANCE

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Regulatory Compliance and Governance
The Sarbanes-Oxley Act has been in operation since 2002 and since its inception, it has
cost companies and organizations a lot of resources. Since our company is in the process of
“going public”, it is necessary to outline the pertinent sections of the Act and their respective
provisions. Therefore, I will explain the pertinent sections of the Act specifically dealing with
compliance. The parts that deal with compliance are sections 302, 401, 404, 409 and section 809
and will be critical in ensuring our company receive public certification.
Section 302: Corporate Responsibility for Financial Reports.

This section states that the Chief Financial Officer together with the Chief Executive
Officer are primarily responsible for all the activities involved with the financial reports
(Sarbanes Oxley Act, 2003). From the accuracy of the documents to the documentation and
finally to the submission. Moreover, the section then outlines its various regulations. The section
goes ahead to highlight the various regulations that a company should...


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