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Finance and Accounting: Sarbanes Oxley Act and Independence Responsibility View
Finance & Accounting
Pages 13 (3263 words)
Sarbanes Oxley Act and Independence Responsibility View Table of Contents 1.Introduction 3 2.Brief Overview of Sarbanes Oxley Act of 2002 4 3.Necessity of Sarbanes Oxley Act for Corporate Governance 6 4.Role of Sarbanes Oxley Act in Meeting the Codes of GAAP 8 5.Impact of the Sarbanes Oxley Act of 2002 9 6.Areas of Concern in Sarbanes Oxley Act and in US GAAP 11 7.Conclusion 13 8.Recommendation 13 Reference 15 1.
The Sarbanes Oxley Act was implemented on 30th of July 2002. This is a very important act which affects the public companies. Before the enactment of this act USA faced many corporate and accounting frauds and scandals as a result investors lost a huge amount of money. The scandals not only adversely affected the share price but also the general public lost trust on the securities market. Hence the Sarbanes Oxley Act was formed to increase the accountability of the public company so that in future such type of scandals can be avoided. In this project a detail analysis has been made on the Sarbanes Oxley Act and independence responsibility view. The US GAAP has also been analyzed in the view of the Sarbanes Oxley Act. The US companies prepare the financial statement as per the US GAAP but due to the enactment of this act the public companies has to give some more disclosure apart from GAAP. This project involves a detail analysis of the problems of the Sarbanes Act and the US GAAP. ...
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