"Sarbanes-Oxley "covers auditor independence, corporate governance, internal control assessment, and financial disclosures" (Bennet-Alexander, 2011, p. 327). According to Ms. Watkins reasons for what went wrong it appears that had Sarbanes-Oxley been in place prior to 2002, companies like Enron would have had a much more challenging time doing what they did. In conclusion there were 23 people that were held accountable by the Department of Justice and SEC Investigations. Their punishments ranged from prison time, fines, probation, being listed as a felon, home prison, and being banned as a public office for a set period of time. While I feel that punishing those that committed the crimes is a step in the right direction to deter others from following in the same path, I do not feel that the punishments are sever enough considering the lives ruined and the investments lost as a result of blatantly unethical and illegal actions by many."
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"According to Ms. Watkins reasons for what went wrong it appears that had Sarbanes-Oxley been in place prior to 2002, companies like Enron would have had a much more challenging time doing what they did."
It's important to note that Enron's board was in compliance with SOX before it failed and that stiff ...
This solution provides additional details on the Sarbanes-Oxley Act and how it applies to Enron's corruption charges. All references used are included.
Enron: Unethical Practices and Sarbanes-Oxley Act
Using the Electronic Reserve Readings (ERR) for ACC/363, the Internet, or other resources prepare a 350-700-word article analysis in which you identify situations that might lead to unethical practices and behaviour in accounting. Then, examine the impact of the Sarbanes-Oxley Act on financial statements. Finally, based upon your article analysis prepare at least one question for class discussion.
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