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Sarbanes-Oxley Act Of 2002: Intent And Drawbacks
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5 pages in length. The intent of the Sarbanes-Oxley Act of 2002 (SOX) is to impose accountability upon big business with regard to maintaining authentic, accurate and concise recordkeeping. In the wake of the Enron and Worldcom debacle, legislation was looked upon as the only way in which corporate entities were going to avoid a repeat performance of this devastating economic blow to those who had placed their faith in the hands of but a few who abused the power. Requisite of the SOX Act is a minimum of five years worth of records made available in both hard copy and electronic formats. The extent to which this new approach to checks and balances of corporate finances is meant to "to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise" (Spurzem, 2007) speaks to a heightened attention being paid to and a harsh warning meant for those in a position of economic control. Bibliography lists 7 sources.
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Pages:
5
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Filename:LM1_TLCsarbane.rtf |
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Paper Title:
Sarbanes-Oxley Act Of 2002: Intent And Drawbacks
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