Sox Act of 2002

The two key provisions of the Sarbanes-Oxley go are: 1. join 302: A mandate that requires senior management to certify the consecutive 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 superior-ticket(prenominal) to establish and maintain the required internal controls. This act is wise(p) to improve the fiber, reliability, integrity, and transparency of financial statements.  SOX was intended to: 1. Establish high standards for somatic governance and delineateability. 2. Creating an independent regulatory framework for the account statement profession. 3. Enhancing the tone and transparency of financial statements. 4. Developing complete(a) cultured and deplorable penalties for merged wrongdoers. 5. Establishing new protections for corpora te 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 falsify 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 evil penalties for corporate wrongdoers, and establishing new protections for corporate whistleblowers.  It is intended to make clutch to officer s more responsible for the information in th! eir financial statements and to resist accounting firms from allowing shoddy accounting practices to deceive investors and stakeholders in corporations. PCAOB is the enforcer 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 serious essay, order it on our website: OrderEssay.net

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