Sox Act of 2002

The two key provisions of the Sarbanes-Oxley consummation are: 1. vocalize 302: A mandate that requires senior management to certify the true(p) statement of the reported financial statement 2. Section 404: A urgency that management and auditors establish internal controls and reporting methods on the sufficiency of those controls. Section 404 had very costly implications for publicly traded companies as it is higher(prenominal)-ticket(prenominal) to establish and maintain the required internal controls. This act is knowing to improve the fiber, reliability, integrity, and transparency of financial statements.  SOX was intended to: 1. Establish high standards for somatic governance and storyability. 2. Creating an independent regulatory framework for the account statement profession. 3. Enhancing the feeling and transparency of financial statements. 4. Developing unholy cultured and deplorable penalties for corporate wrongdoers. 5. Establishing new protec tions for corporate whistleblowers.  The Sarbanes-Oxley Act of 2002 was sign-language(a) into law to address corporate governance and accountability as well as public accounting responsibilities in diverge the quality, reliability, integrity, and transparency of financial reports.

  The Act provides measures aimed at establishing higher standards for corporate governance and accountability, creating  and independent regulatory framework for the accounting profession, enhancing the quality and transparency of financial reports, developing severe civil and lamentable penalties for corporate wrongdoers, and estab lishing new protections for corporate whistl! eblowers.  It is intended to make bandage to officers more responsible for the information in their financial statements and to obstruct accounting firms from allowing shoddy accounting practices to deceive investors and stakeholders in corporations. PCAOB is the iceman for the SEC...it conducts audits on firms and is essentially the compliance objective arm which was non in place for Arthur Andersen in early...If you want to get a to the full essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper