Among the mostly appreciated and close to reality works are: The Impact of Regulatory Information Disclosure on Information Security Investments, Competition and Social Welfare by Anindya Ghose at New York University and Uday Rajan at the University of Michigan; Serbanes-Oxley Whistleblower Cases, by Philip M. Berkowitz and the Sarbanes-Oxley Act of 2002 and Current Proposals by NYSE, Amex and NASDAQ.
6. Conclusions
The Sarbanes-Oxley Act of 2002 was passed in order to better supervise the actions within the business department. The Senate and the House of Representatives felt the crucial need for such legislature due to the increased number of white-collar fraud cases in the past years.
The bill of 2002 states that all business corporations need to better supervise and control their employees, documents and information and sets severe measures for those who destroy documents or hide them from the public or the government's institutions.
Disclaimers of the SarBox stated that such drastic measures would contribute to the downfall of the American economy as managers would pay far too much attention to financial statements and accounting documents rather that becoming involved in new and creative activities.
Bibliography
Wikipedia, the Free Encyclopedia, Sarbanes-Oxley Act, postedon October 18, 2006, http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act,last accessed on October 21, 2006
Warren W. Hamel, Esq. Venable Howards, it's Not Just Enron: A Guide to the Sarbanes-Oxley Act for Nonprofit Organizations
Larry E. Ribstein, Corporate Governance at Crossroads: Sizing Up SOX, Draft of January 18, 2005
Anindya Ghose and Uday Rajan, the Economic Impact of Regulatory Information Disclosure on Information Security Investments, Competition and Social Welfare, Submitted to Workshop on Economics of Information Security, March 2006
Philip M. Berkowitz, Sarbanes-Oxley Whistleblower Cases, December 28, 2004
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The investors got intoxicated by fraud happened to them because of greedy people. Thousands of employees left as the stock market went to the peak but most of them left their jobs due to low pay as well. (Kerry Hannon, July 6, 2005) bill was passed by the President Bush after the corporate fraud nearly just after three weeks on April 25, 2002. It referred to the Senate Banking
Sarbanes-Oxley Act (SOA) was put into law in 2002 following the revelations that Enron (and Enron's accountancy Arthur Anderson), WorldCom, and other corporations were using blatantly corrupt practices in accounting and causing huge losses for stakeholders in those firms. Moreover, the U.S. Congress could not simply stand by and allow companies to use unethical and illegal practices to scam huge sums of money for corporate executives while stripping the IRAs
Sarbanes-Oxley Act The objective of this study is to read the guide to the Sarbanes-Oxley Act and to: (1) Evaluate the effectiveness of regulations such as Sarbanes-Oxley Act over minimizing the corporate fraud and protecting investors make one suggestion for improvement; (2) Given the oversight of the accounting profession by the PCAOB as a result of the Sarbanes-Oxley Act, assess the impact on auditing firms and the public accounting professions; (3)
Sarbanes-Oxley Act Evaluating the effectiveness of the Sarbanes-Oxley Act The Public Company Accounting Reform (PCAR) and Investor Protection Act (IPA) was established in mid-2002 by the congress with the emergence of unceremonious scandals in accounting practice that resulted in firms going bankrupt and losing huge stocks in the stock market (Prentice & Bredeson, 2010). This act is what is referred to as Sarbanes-Oxley act of 2002. The act also led to the
Sarbanes-Oxley Act of 2002 The accounting profession was entangled in the accounting and business scandals whirlwind that rocked the American economy in 2002. To recover investor confidence in financial data, the Sarbanes-Oxley Act designed a new Oversight Board for public Company accounting with the power to set requirements for auditors of public organizations, thus bringing to an end a century of export control of audit. We determine that this reform results
The integrity of the financial sector of these organizations controlled by state agencies and related services, would improve. The provisions offered by the act would serve as models based on which standards for other non-profit organizations can be developed in the future. It will create a better understanding of the limitations placed on auditors and a deeper scrutiny of the financial and transaction statements presented by the auditors. While
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