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Pages:
1 page/≈275 words
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1 Source
Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
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MS Word
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Topic:

Internal Controls with Purpose of Protecting Shareholders Right

Essay Instructions:

In 2002, after the accounting deceptions of the management of many multi-million dollar corporations (with Enron being the benchmark name of that time period), the Security and Exchange Commission (SEC) successfully lobbied the U.S. Congress to pass strict accounting internal control regulation in what is now known as the Sarbanes-Oxley Act (SOX) of 2002. After reading Orin’s article “Ethical Guidance and Constraint under the Sarbanes-Oxley Act of 2002” (2008), found at: Orin, R.M. (2008). Ethical guidance and constraint under the Sarbanes-Oxley Act of 2002. Journal of Accounting, Auditing, & Finance, 23(1), 141-171 and discuss internal controls with purpose of protecting shareholder rights. Illustrate your points by referring to the relevant section of the article

Essay Sample Content Preview:

Internal Controls with Purpose of Protecting Shareholders Right
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The Sarbanes-Oxley Act of 2002 is an authoritative reaction to numerous corporate scandals that sent shock waves through the world budgetary markets. The Sarbanes-Oxley Act, ordinarily alluded to as SOX, attempts to fortify corporate oversight and enhance interior corporate control. The fundamental reason for SOX is to shield shareholders from false representations incorporate monetary proclamations. Financial specialists need to realize that the money related data they depend on is truthful and that an independent outsider has verified its accuracy (Hamilton, 2002) According to Hamilton (2002), Section 302 requires that the corporate administration to ensure that they have assessed the money related articulations and that they are exact and truthful. This section mandated administrator to be individually responsible for financial reports in need of their approval. Hamilton (2002) states that, section 401 obliges that money related data incorporate revelations about any significant off-balance sheet commitments that may exis...
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