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Research and Discuss the Sarbanes-Oxley Act of 2002 - Term Paper Example
Author : steubergreta
Finance & Accounting
Pages 8 (2008 words)
Sarbanes-Oxley Act of 2002 and number Date submitted Sarbanes-Oxley Act of 2002 Introduction: Sarbanes Oxley Act was signed into law by President George W Bush, which is a revised version of federal securities law for public companies…
Key Components and Primary Objectives of the Act: The basic matters identified and revised in the act included the creation of regulatory board to oversee the activities of the public accounting audit firms, revised standards for auditor’s independence and audit committee, requirement of certification of the SEC’s reports by the executives of the public companies, restricts the rules to prevent insider dealings by the directors and executives, increase in the liability for the non-compliance to the federal securities laws and imposes additional responsibility of the attorney to report non compliance and conflict of interests. (Lipman & Lipman. 2006) 1. Establishment of Public Company Oversight Board: Sarbanes Oxley Act established the Public Company Accounting Oversight Board to oversee the audits of the public listed companies. It was established to regulate the activities of the auditing firms including the issues of quality control, ethics and independence of auditors. The aim for its establishment was to increase the confidence of investors and general public. 2. ...
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