Purchase Solution

SOX Compliance

Not what you're looking for?

Ask Custom Question

I need some assistance with this topic: I need to expand my paper and have some more depth to this topic. Can you assist me ? I also need resources.
Thank you,

Brief historical summary on SOX enactment
•The key ethical components of the SOX
•Social responsibility implications regarding mandatory publication of corporate ethics
•One of the main criticisms of SOX is that its implementation presents an unfair burden on smaller organizations. Do you agree or disagree with this statement? Why?
•How might you suggest improvement of the SOX legislation?

Purchase this Solution
Solution Summary

The expert discusses SOX and what it covers for every organization. The solution also talks about fairness to business to have to abide by SOX regulations.

Solution Preview

Brief historical summary on SOX enactment
•The key ethical components of the SOX enactment:
The key components of the SOX enactment include the following:
 Values
 Principles
 Management Support
 Personal responsibility
 Compliance
"The Sarbanes-Oxley Act which was enacted as a direct result of the Enron case, in which executives falsified financial records to overstate the company's worth - details what financial reporting a company must do."
Reference: http://smallbusiness.chron.com/key-components-code-ethics-business-244.html
CHRON
Title: What Are the Key Components of a Code of Ethics in Business?
Author: Jeri Sullivan, Demand Media

The Sarbanes-Oxley Act of 2002 is also known as the Public Company Accounting Reform and Investor Protection Act of 2002 and normally companies refer to it as 'SOX.'

There were other organizations such as Adelphia, Tyco International, Peregrine Systems, and WorldCom who also were caught for misconduct.

July 30, 2002, President George W. Bush signed it into law.
The different components of the law accomplish different forms of compliance:
1) SOX Section 301 - Reporting Mechanism
An audit committee of a public company must have procedures in place to handle complaints of any kind of accounting issues that may not seem quite right. There has to be audit compliance procedures internally so that external auditors can immediately ...

Purchase this Solution
Free BrainMass Quizzes
Operations Management

This quiz tests a student's knowledge about Operations Management

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Lean your Process

This quiz will help you understand the basic concepts of Lean.

View More Free Quizzes
Related BrainMass Solutions

  • Information technology and SOX

    390124 Information technology and SOX How information technology facilitates the compliance of SOX? Information technology has acted in several ways to facilitate SOX compliance.

  • This posting addresses government regulatory agencies/laws.

    The Sarbanes-Oxley Act (SOX) is a perfect example of this, and how it affects businesses. All public companies must comply with SOX. The cost of compliance is extremely high.

  • Sarbanes Oxley SOX: Survey of impact, go public or not

    It contains three tables from a survey of SOX compliance.

  • Auditing Standards and Requirements

    Public companies must comply with SOX, and the compliance is regulated by the PCAOB. The PCAOB acts as the oversight authority for SOX and was created as a result of SOX. The SEC also monitors SOX, but not to the same extent that the PCAOB does.

  • Sarbanes -Oxley

    Does the cost of SOX compliance hurt the U.S. economy by discouraging successful private companies from taking their stock public?

  • Evolution of the controller's role in strategy

    Therefore, the controller must consider every SOX provision when planning his/her strategy so that compliance is always met.

  • SOX and the PCAOB

    Many of the smaller companies simply could not afford this type of extensive compliance, and decided to take their stocks off the market and become private companies. This is commonly known as "the cost of compliance."

  • Do the costs associated with compliance with the Sarbanes-Ox

    The company has to allocate thousands of dollars to compliance, which could otherwise be allocated elsewhere, including towards operating expenses that would keep the company as a going concern in SOX weren't in place.

  • Financial Implications of the Sarbanes Oxley Act

    The larger companies always have to allocate enough funds towards SOX compliance, and foreign corporations have to keep SOX compliance costs in mind, as their company grows.

  • A Prime on Sarbanes-Oxley

    (n.d) Retrieved from http://www.sox-online.com/basics.html What is SOX compliance? (n.d). Retrieved from http://www.auditshark.com/Education/what-is-sox-compliance.aspx Hess, D. (n.d).

View More Related Solutions