Sox Act of 2002

The two key provisions of the Sarbanes-Oxley dress are: 1. voice 302: A mandate that requires senior management to certify the straight 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 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 distinguishability. 2. Creating an independent regulatory framework for the account statement profession. 3. Enhancing the look and transparency of financial statements. 4. Developing trying cultured and deplorable penalties for incorporated wrongdoers. 5. Establishing new protectio ns 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 transmute 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 iniquitous penalties for corporate wrongdoers, and establ ishing new protections for corporate whistle! blowers.  It is intended to make link up to officers more responsible for the information in their financial statements and to retain accounting firms from allowing shoddy accounting practices to deceive investors and stakeholders in corporations. PCAOB is the hatchet man 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 panoptic essay, order it on our website: OrderCustomPaper.com

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