Bus 591 - Week 5

In: Business and Management

Submitted By mizreed01
Words 2727
Pages 11
Sarbanes Oxley Act of 2002
Terri Largent
BUS591: Financial Accounting & Analysis
Dr. Donald Majors
August 24, 2015

Fraud is something that the United States and the New York Stock Exchange is all too familiar with, and with the upheaval of many big companies such as Enron, Tyco, Worldcom, Xerox, and Sunbeam, the country’s economic stability took a turn for the worst. However, the year of 2002 brought about many changes for the economic world, most notably to publicly traded companies. The Sarbanes-Oxley Act of 2002 was the beginning of a new, transparent view of the stock exchange and of corporations that publicly sold and traded stock. While we are not out of the woods yet, the world is seeing the benefits of SOX and the PCAOB (Public Company Accounting Oversight Board). There are, however, skeptics and those that do not feel that the price being paid by these companies is worth the amount of stabilization that it has brought to the corporate table. This paper will examine the key components of the Sarbanes-Oxley Act of 2002, its primary objective, the economic consequences for companies as a result of the implementation of the Act, and will also show how SOX has achieved its goals thus far. Before we can fully appreciate the idea behind the Sarbanes-Oxley Act of 2002, we must first take a look at the country’s economic fragility before this law was created. While stock markets were seemingly doing very well in the eyes of the investors, behind the scenes the corporate world of many huge corporations was crumbling. Scandals rocked the world when billions of dollars were found to be fraudulently recorded by scheming auditors and business executives alike. Once these scandals were revealed stocks plummeted and the American people lost all trust in the stock market. Because of the fall of the stock market, the United States and many other trading…...

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