A 

Abortion
Accounting
Advertising
Africa
African-American Studies
Aging
Agriculture
American Indian Studies
Anthropology
Archaeology
Architecture
Argumentative
Art: Artists (Alphabetized)
Art: General
Become an Affiliate and Earn $$$
Biographies (Alphabetized)
Book Reviews (Non-Fiction) (Alphabetized)
Business: Companies (Alphabetized)
Business: General
Business: Industries (Alphabetized)
Business: International
Business: Small
California
Canada
Caribbean
Child Abuse
China
Communication: Journalism
Communication: Language & Speech
Communication: Media
Communication: Non-Verbal
Communication: Television
Communication: Television & Children
Communism
Computer Science
Consumerism
Criminal Justice: General
Criminal Justice: Juvenile Delinquency
Criminal Justice: Police Science
Criminal Justice: Prisons
Cuba
Death & Dying: Euthanasia
Death & Dying: General
Death & Dying: Suicide
Drama: American
Drama: English
Drama: World
Drugs: Alcohol
Drugs: General
Economics: Banking
Economics: Economists (Alphabetized)
Economics: General
Economics: Inflation
Economics: International Trade
Economics: Macroeconomics
Economics: Microeconomics
Economics: Taxation
Education: Administration
Education: Curriculum
Education: General
Education: Higher
Education: Physical
Education: Psychology
Education: Reading
Education: Special
Education: Teaching Methods
Education: Theory
Energy: General
Energy: Nuclear
Energy: Solar
Environmental Studies
Evolution
Family & Marriage
Films: Artists (Alphabetized)
Films: General
Finance: Companies (Alphabetized)
Finance: General
Former Soviet Union: Post-1990
France
Gender & Sexuality
Geography
Germany
History: Ancient Greek & Roman
History: European
History: Great Britain
History: U.S. (After 1865)
History: U.S. (Before 1865)
History: U.S. Presidency
History: U.S. Presidents (Alphabetized)
Homosexuality
Immigration
India
Indonesia
International Relations: Arms Control
International Relations: Cold War
International Relations: Non-U.S.
International Relations: U.S.
Japan
Jewish Studies
Korea
Labor
Latin America
Law: Business
Law: Capital Punishment
Law: General
Law: International & Non-U.S.
Law: Supreme Court
Leadership
Literature, American: Authors (Alphabetized)
Literature, American: Faulkner
Literature, American: Fitzgerald
Literature, American: General
Literature, American: Hawthorne
Literature, American: Hemingway
Literature, American: Melville
Literature, American: Poe
Literature, American: Steinbeck
Literature, American: Twain
Literature, English: Authors (Alphabetized)
Literature, English: Chaucer
Literature, English: Conrad
Literature, English: Dickens
Literature, English: General
Literature, English: Joyce
Literature, English: Lawrence
Literature, English: Shakespeare
Literature, English: Swift
Literature, General: Children
Literature, General: Classic (Greek & Roman)
Literature, General: Russian
Literature, General: World
Management: General
Management: Japanese
Management: Motivation
Management: Theory
Management: Women
Marketing: Companies (Alphabetized)
Marketing: General
Marketing: Plans
Mathematics
Medical: Aids
Medical: Dentistry
Medical: Diseases & Disorders (Alphabetized)
Medical: General
Medical: Nursing
Mexican-American Studies
Mexico
Middle East: Egypt
Middle East: General
Middle East: O.P.E.C.
Military
Music: Classical
Music: General
Mythology
Nutrition
Parapsychology/Occult
Philosophy: Ancient Greek
Philosophy: Descartes
Philosophy: Eastern
Philosophy: General
Philosophy: Kant
Philosophy: Sartre
Poetry: American
Poetry: English
Poetry: Milton
Poetry: World
Political Science: Elections & Campaigns
Political Science: Foreign
Political Science: Lobbyists & Pressure Groups
Political Science: Machiavelli
Political Science: Mill
Political Science: Political Theory
Political Science: U.S.
Psychology: Behaviorism
Psychology: Child & Adolescent
Psychology: Disorders
Psychology: Dreams
Psychology: Experimental
Psychology: Freud
Psychology: General
Psychology: Jung
Psychology: Physiology
Psychology: Piaget
Psychology: Rogers
Psychology: Social
Psychology: Testing
Psychology: Therapies
Public Administration: General
Public Administration: Government Agencies (Alphabetized)
Racism
Real Estate
Recreation & Leisure
Religion: Eastern
Religion: General
Religion: Islam
Religion: The Bible
Research: Completed Studies (With Statistics & Results)
Research: Designs & Proposals
Research: Statistics & Methodology
Russia: Pre-1917 Revolution
Science: Astronomy
Science: Biology
Science: General
Science: Genetics
Sociology: Durkheim
Sociology: General
Sociology: Marx
Sociology: Social Problems
Sociology: Social Theory
Sociology: Social Welfare
Sociology: Weber
Soviet Union: 1917-1990
Sports: Drugs
Sports: General
Technology
Transportation: Automotive
Transportation: Aviation
Transportation: General
Transportation: Railroads
Urban Studies
Vietnam
Women Studies
 

Sarbannes - Oxley Accounting   Term Paper ID:45889 Click to get this paper

Essay Subject: sarbannes, oxley, accounting, fraud, law, federal, tax, worldcom, bankruptcy... More...

4 Pages / 900 Words 3 sources, 7 Citations, APA Format $16.00 Return to List of Papers

Paper Introduction: The Sarbanes-Oxley Act The purpose of this paper is to address and evaluate the intentionand execution of the Sarbanes-Oxley Act Also called the Public CompanyAccounting Reform and Investor Protection Act it was signed into federallaw by President Bush on July The legislation was drafted inresponse to mounting public concern over the recent upsurge in accountingscandals at high profile organizations Companies such as Enron GlobalCrossing WorldCom and others had declared bankruptcy or come underfederal investigation within a year of one another Giroux p Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. Thus, 3 2 effectivelyplaces a great deal of responsibility on the CEO's shoulders. Also called the Public CompanyAccounting Reform and Investor Protection Act, it was signed into federallaw by President Bush on July 3 , 2 2. Similarly, insection 11 7, any corporate officials that actively attempts to retaliateagainst whistleblowers (i.e., anyone "providing to a law enforcementofficer any truthful information relating to the commission or possiblecommission of any Federal offense"), shall "be fined under this title orimprisoned not more than 1 years, or both" (H.R. Essentially, it lays out new accounting standards for selectcompanies and proposes criminal penalties for individuals who fail tocomply with these standards. Section 4 4 has similar requirements to 3 2. Mark-to-market and similar techniqueswere used to exaggerate the value of Enron's reported assets, while itsimultaneously "did not report the obligation for cash received as aliability on the balance sheet" (Giroux, 2 8, p. (2 3, April). Companies such as Enron, GlobalCrossing, WorldCom, and others had declared bankruptcy or come underfederal investigation within a year of one another (Giroux, 2 8, p.12 6). After all, they mustattest to the fact that "based on the officer's knowledge, the report doesnot contain any untrue statement of a material fact or omit to state amaterial fact necessary in order to make the statements made, in light ofthe circumstances under which such statements were made, not misleading"(Leech, 2 3, p. 8 2specifically states that those involved in the "destructions of corporateaudit records" or "alteration, or falsification of records in Federalinvestigations and bankruptcy... Just as CEOs must attest tothe soundness of their corporation's accounting practices (as determined by3 2), they must also attest to the fact that their company has taken activesteps toward ensuring their financial accounting complies with federalstandards. Many of the companies were essentially caught cooking the books,using tricky accounting techniques to manipulate their portfolios andinflate the value of their stock. Retrieved April 2, 2 1 from http://ftp.sec.gov/rules/proposed/s74 2/card9415 3.pdfSarbanes-Oxley Act of 2 2, H.R. Card Decisions. Accounting fraud and lessonsfrom the recent scandals. Social Research. A prudent CEO would do the latter. Some of thesections that have had larger implications for the accounting and financialworld (and, as such, will be the focus of this paper) are 3 2, 4 4, 8 2,and 11 7. 3763, § 11 7, 2 2).Thus, the Sarbanes-Oxley Act provides severe penalties for companies thatcook the books and, additionally, for when they try to cover it up byharassing whistleblowers. 12 5-38.Leech, T. It forces issuers offinancial statements to "state responsibility ofmanagement for establishing and maintaining an adequate internal controlstructure and procedures for financial reporting" and "contain anassessment, as of the end of the most recent fiscal year of the issuer, ofthe effectiveness of the internal control structure and procedures of theissuer for financial reporting" (Leech, 2 3, p. 4, pp. 75, No. To this end, they must either trust that theiraccountant is ethically doing their job or make certain it is truethemselves. The Sarbanes-Oxley Act is actually quite extensive, as it is comprised ofeleven primary sections, each with numerous provisions. A white paper proposing practical, costeffective compliance strategies. By requiring CEOs to have to sign, and therebyauthorize, the accuracy of accounting disclosures issued to the government,this makes CEOs liable for any potential malpractice. The Sarbanes-Oxley Act The purpose of this paper is to address and evaluate the intentionand execution of the Sarbanes-Oxley Act. Businesses are nowsubject to tighter government regulation in regard to their accountingpractices, which, in turn, has created a corporate culture of transparencyand accountability to pertinent stakeholders. Sections 8 2 and 11 7 effectively outline criminal consequences forcompanies that deviate from the dictates of the Sarbanes-Oxley Act. Retrieved April 2,2 1 from http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=1 7_cong_bills&docid=f:h3763enr.txt.pdf 3763, § 1519, 2 2). shall be shall be fined under this title,imprisonednot more than 2 years, or both" (H.R. The legislation was drafted inresponse to mounting public concern over the recent upsurge in accountingscandals at high profile organizations. The Sarbanes-Oxley Act was their proposed legislativesolution. What went wrong? 12 6). In other words, itmakes it so that companies have implement a transparent internal "checksand balances" for sound accounting methods. 3 2 compels CEOs to authenticate a corporation's accountingstatements; 4 4 compels issuers to attest to active, internal proceduresfor preserving the integrity of their accounting processes; 8 2 outlinesthe criminal penalties for knowingly manipulating or falsifying accountingreports; and 11 7 offers provisions for protecting whistleblowers (H.R.3763, 2 2). Section 3 2 definitely creates a number of new requirements foraccountants and CEOs alike. 3763, 1 7th Congress. Thus, a number of relevant learning and behavioraloutcomes have been established by the government for the businesscommunity, thereby improving the overall good for investors and consumers. Given all the aforementioned provisions, they conjointly have had aprofound impact on business, government, and society. Vol. Relevant learning outcomes from "PublicPolicy and Business" will be identified and described later in this paper. (2 8, winter). 8). J. As similaraberrant accounting seemed to be happening everywhere, the federalgovernment, recognizing the threat to investors, realized something neededto be done. Thus, CEOs must ensure that reported financialdetails are in fact true. 8). As such stakeholders includenot only employees but customers and shareholders, this law affects manyfacets of society. Conjointly, these mark a bold attempt to regulate accountingfraud. ReferencesGiroux, G. If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.