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Essay / Research Paper Abstract
5 pages in length. The intent of the Sarbanes-Oxley Act of 2002 (SOX) is to impose accountability upon big business with regard to maintaining authentic, accurate and concise recordkeeping. In the wake of the Enron and Worldcom debacle, legislation was looked upon as the only way in which corporate entities were going to avoid a repeat performance of this devastating economic blow to those who had placed their faith in the hands of but a few who abused the power. Requisite of the SOX Act is a minimum of five years worth of records made available in both hard copy and electronic formats. The extent to which this new approach to checks and balances of corporate finances is meant to "to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise" (Spurzem, 2007) speaks to a heightened attention being paid to and a harsh warning meant for those in a position of economic control. Bibliography lists 7 sources.
Page Count:
5 pages (~225 words per page)
File: LM1_TLCsarbane.rtf
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Unformatted sample text from the term paper:
the Enron and Worldcom debacle, legislation was looked upon as the only way in which corporate entities were going to avoid a repeat performance of this devastating economic blow to
those who had placed their faith in the hands of but a few who abused the power. Requisite of the SOX Act is a minimum of five years worth
of records made available in both hard copy and electronic formats. The extent to which this new approach to checks and balances of corporate finances is meant to "to
protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise" (Spurzem, 2007) speaks to a heightened attention being paid to and a harsh warning meant
for those in a position of economic control inasmuch as monetary and penal retribution awaits those who do not comply. While SOX may not instill a greater level of
ethical fortitude in some who hold a companys purse strings, it will compel them to think twice about the ease in which they will be caught before significant damage is
done. ...Financial transactions are being structured to make financial statements look like what it is perceived that investors want, versus reporting what is the economic reality of a company.
This leads to a lack of transparency and deception in the structuring of financial transactions. The lack of ethical behavior in the structuring of financial transactions is where
the manipulation starts (Lander et al, 2008, p. 105). Of the more than four dozen provisions associated with the SOX Acts intent to make corporate America more transparent to
investors, shareholders, employees and anyone else directly or peripherally involved with a given company, the following represent some of the most applicable to ensure compliance: Section 103: Auditing, Quality Control,
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