Economics: The Sabanes-Oxley Act
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- Provide a brief history of the Sabanes-Oxley Act in your own words, and explain why it was initially enacted.
- What business or company would you consider the best example for where the Sabanes-Oxley Act was utilized?
- Give a brief description of the company or business you selected.
- How was the act implemented into that business or company, and what controls were put in place?
- How did the act affect that business or company? Provide some pros and cons.
- How do you think technology will impact the Sabanes-Oxley Act? Do think there will be any changes to the act in the future?
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Solution Summary
This solution provides an explanation of the Sabanes-Oxley act as well as the applications in a company.
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- The Sarbanes-Oxley Act was put into action in 2002 due to scandals in the business world. The act provides the ability for the government to monitor publicly traded companies, accounting firms that audit public companies, and people that support companies like attorneys, dealers, and investment bankers. The purpose of the law is to prevent stock market activities that are fraudulent and increase the penalty for those that violate the act.
- Xerox Corporation reported that the changes brought by the implementation of the Sarbanes-Oxley Act worked in favor of the company allowing internal control procedures to be set. The control procedures provide a way for audits to go smoothly and the company no longer experiences any surprises in the process. The success of the implementation came after the company was destroyed by ...
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