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Making Sure Enron Does Not Happen Again: The Sarbanes-Oxley Act of 2002
Finance & Accounting
Pages 14 (3514 words)
Making Sure Enron Does Not Happen Again: The Sarbanes-Oxley Act of 2002 [ YOUR NAME HERE] [YOUR INSITUTION HERE] Making Sure Enron Does Not Happen Again: The Sarbanes-Oxley Act of 2002 In the fall of 2001, corporate giant Enron collapsed. The corporation, which had started making a name for itself in the 1980s by trading in gas futures, was imploding from the inside out…
The collapse of the corporate giant brought about a startling reality to the world of business: the corporate giant (and their auditors) had lied. As a direct result of the collapse of Enron and the subsequent meltdown of its auditing firm Arthur Andersen, the Sarbanes-Oxley Act was proposed. It quickly became apparent to all as soon as the scandal became public that both it and the cause behind it could have been avoided. To try to prevent other corporate scandals and collapses from happening, President George W. Bush signed into law the Sarbanes-Oxley Act, named for its sponsors, which would establish measures for corporate oversight and promise stiff punishments for those that even attempted, knowingly or unknowingly, to engage in corporate fraud (Bumiller, 2002). Promising to hold the top echelon of corporate executives accountable, and overhauling auditing and recording practices, the Sarbanes-Oxley Act was declared to be the most far-reaching reform of the United States of America since the time of Franklin Delano Roosevelt (Bumiller, 2002). ...
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