ACC 340 Week 5, Sarbanes Oxley Paper

May 8th, 2015
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ACC 340 Week 5, Sarbanes Oxley Paper

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Sarbanes-Oxley PaperNameUniversity of PhoenixACC/340InstructorDate Sarbanes-Oxley PaperThe United States federal Sarbanes-Oxley Act was founded to improve the accuracy and reliability to ultimately protect investors. The Act is known as the Public Company Accounting Reform and Protection Act of 2002. The Act was signed into law on July 30, 2002. The Reason for PassageDuring the late 1990s and early parts of the year 2000 many acts of corruption in business world went on without a regulation to stop it. The Sarbanes-Oxley Act of 2002 (often shortened to SOX) is legislation enacted in response to the high-profile Enron and WorldCom financial scandals to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise (Spurzem, 2006). Following these scandals the President of the United States of America at the time President George Bush push for the act to be pass by the house and senate so he could sign it into law to protect investors. The act passed the House 423-3 and the Senate 99-0 and was promptly signed into the law by the president. Once passed the act has been view as the most extensive measure to attempt to improve business accounting regulations since the Security and Exchange Act of 1934. The ACT is a direct attempt to keep businesses from intentionally committing financial fraud and misleading their stockholders and investors. The ACT requires organizations to administer far-reaching corpora

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