Compare And Contrast The Sarbanes-Oxley Act Of 2002

Words: 336

Pages: 2

The Sarbanes – Oxley Act of 2002 was drafted by Senator Paul Sarbanes and Representative Michael Oxley, in response to countless of corporation capitalizing on the deregulation of accounting standards between 2000 – 2002.

Corporations like Enron were embezzling millions of dollars from stockholders by misleading and misrepresenting stockholder. Executive were manipulating earning to give the appearance that they were financially sound.

Enron filed bankruptcy, stockholders lost their investments and many American families lost their entire savings. While Enron executives were will earning hundreds of thousands of dollars in bonuses.

Sarbanes-Oxley, or SOX, is a federal law that is a comprehensive reform of business practices. The intent

Show More

The Sarbanes-Oxley Act Of 2002

The Sarbanes–Oxley Act of 2002 also known as the Public Company Accounting Reform and Investor Protection Act of 2002, and simply as SOX, Sarbanes-Oxley (named after sponsors U.S. Senator Paul Sarbanes and U.S. Representative Michael G. Oxley), came as a result of several public scandals over the accounting practices of major U.S. companies including Enron, WorldCom, Tyco International, and Peregrine Systems. The Act affects U.S. publicly held companies, foreign companies registered with the SEC…

Words 809 - Pages 4

TireeCherise ACC290 IFRS v GAAP Essay

IFRS vs. GAAP Tiree-Cherise Ealey ACC 290 April 6th 2015 Gary Foote Accounting is an important feature in every business worldwide. Essentially, it is necessary in order to keep track of the economic events that occur within a business. These records are used within a company, however they are also used for other purposes, one of them being to report their financial activities. For this to be effective, there must be standards that businesses to adhere to in order to make financial reporting…

Words 1548 - Pages 7

Essay about Waste Management Case Analysis

.11 steps (a) through (i) to determine if the supporting data and factors are sufficient and consistent to sustain the management’s estimation as well as comparable to industry level. b. Use other alternatives to develop the estimation and compare the result to the original estimation. c. Review subsequent events or transactions to confirm the credibility of the previous estimation. 6. For those officers who previously served Arthur Anderson, they may implicitly or explicitly force…

Words 1403 - Pages 6

Essay on Contract and Electronic Reserve Readings.

Words 2333 - Pages 10

BCOM Report Topics Spring 2015 Essay

accounting problems that have occurred from its overseas operations? 2. What are companies doing to improve accounting ethics, as a result of recent accounting scandals? 3. Investigate how accounting firms are complying with the Sarbanes-Oxley Act of 2002. 4. What inventory control method does X Company use and why? 5. Analyze the bad debts and collection policies at X Company. 6. How does Company X use cash-flow analysis as a guide in profit planning? 7. Evaluate alternative methods…

Words 1473 - Pages 6

Essay ACCT 6350 Lehman Case And Questions

Lehman on the Brink of Bankruptcy INTRODUCTION Lehman Brothers was founded in the mid-19th century as a cotton trading company. The latest entity (Lehman Brothers Holdings Inc) emerged from a spin-off from American Express in 1994. This company grew quickly and for fiscal year 2007, the company reported record income of over $4 billion on revenue of over $60 billion. In early 2008, Lehman’s stock was trading in the mid-sixties with a market capitalization of over $30 billion. Over the next eight…

Words 4455 - Pages 18

Enron As The Stain On The American Business World

Ethics Paper Kaitlin Porter 11/16/2013 To go from having more than sixty-five billion dollars in assets and being called “the most innovative company of the year” in 2000, to being the largest Chapter 11 filing in U.S. History to declare bankruptcy, Enron will forever be known as the stain on the American business world (Gibney, 2005). From the outside, it was Wall Street’s beautiful baby, a company that every CEO aspired to copy, on the inside though, it was an empty hole full of cheating…

Words 1888 - Pages 8

Acc 562 Week 7 Discussion Acc562 Week 7 Discussion Essay

ACC 562 Complete Course Click below link for Answer visit www.workbank247.com http://workbank247.com/q/acc-562-complete-course-week-1-to-week-11/8378 http://workbank247.com/q/acc-562-complete-course-week-1-to-week-11/8378 ACC 562 Week 1 Discussion "Unbiased Reporting" Please respond to the following: • Analyze the need for unbiased financial reporting. Based on your analysis, determine at least two (2) drivers that may cause financial reporting to be biased. Provide a rationale to support your…

Words 2470 - Pages 10

Exam 1 Study Guide Essay

MANGT 596 – BGS Reading Outline and Study Guide for Exam 1 Spring 2013 Key Concepts: Most of the test will come from the key concepts. Distinguished by ** Key Definitions distinguished by * Chapter 1 – The Business & Society Relationship relatively low emphasis 1. Business and Society a. Business: Defined* May be defined as the collection of private, commercially oriented (profit oriented) organizations, ranging in size from one-person proprietorships to corporate giants. b. Society…

Words 8040 - Pages 33

2010 11 05 014716 Richard1121 November Essay

Hi, I have reviewed all. Chapter 7 Review Questions 1.Review the benefits an entrepreneur might seek in starting a new business. Which benefits are most appealing to you? Why? There are many benefits people seek when they start a new business. In this economy the idea of an income stream that one manages and controls holds great motivation. The idea of doing work that one enjoys is also a benefit people seek, as is the ability to be in charge of one’s time, efforts, and the structure of the organization…

Words 5702 - Pages 23