1. What is the significance of the Sarbanes-Oxley Act?
2. List and describe at least three duties of the oversight board.
2. Describe the three criteria that must be met in order to define a hostile work environment.
3. What is the key ethical issue within sexual harassment?© BrainMass Inc. brainmass.com October 16, 2018, 2:29 am ad1c9bdddf - https://brainmass.com/business/business-philosophy-and-ethics/sarbanes-oxley-act-oversight-board-sexual-harrassment-290694
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1. What is the significance of the sarbanes-oxley act?
The public called for greater transparency, accountability and oversight for corporations after Enron, WorldCom, etc. used "unethical" practices that cost shareholders a huge sum of money. Thus, the sarbanes-oxley act is significant because it intends to bring ethics back into the corporations to bring back the public trust in the crorporation. It is significant for its two main purposes: to ensure transparency and accountability. For a lack of compliance, it can result in a fine or punishment or both. In fact, in terms of significance, "President Bush informed that no law of such significance to businesses has been signed since the presidency of Franklin D. Roosevelt in the U.S. which reflected the significance of this act." (http://ezinearticles.com/?Purpose-Of-Sarbanes-Oxley-Act&id=713192)
Transparency clause of the Sarbanes Oxley Act ensures that corporations "operate with transparency and provide full disclosure of information as and when required.; This is fulfilled by "ensuring real time disclosure of information, the adherence to guidelines of the Generally Accepted Accounting practices, full financial details being made available of all the transactions not mentioned in balance sheet.: It is further fulfilled "by an expanded disclosure of financial and non financial control measures in force in every company" and "public certification of these internal controls and financial measures also helps fulfill the ...
Discusses various topics i.e. the significance of the Sarbanes-Oxley Act, three duties of the oversight board, the three criteria that must be met in order to define a hostile work environment, as well as the key ethical issue within sexual harassment. References are provided.