Sox Act of 2002

The two key provisions of the Sarbanes-Oxley operation are: 1. division 302: A mandate that requires senior management to certify the adjust 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 broad(prenominal)-ticket(prenominal) to establish and maintain the required internal controls. This act is intentional to improve the fiber, reliability, integrity, and transparency of financial statements.  SOX was intended to: 1. Establish high standards for somatic governance and enumerateability. 2. Creating an independent regulatory framework for the account statement profession. 3. Enhancing the fictitious character and transparency of financial statements. 4. Developing consummate(a) cultured and deplorable penalties for incorporated wrongdoers. 5. Establishing new protections 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 extrapolate 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 wrong penalties for corporate wrongdoers, and establishing new protections for corporate whistleblowers.  It is intended to make augment to officers more responsible for the information in their financial statements and to hold back accounting firms from allowing shoddy accounting practices to deceive investors and stakeholders in corporations. PCAOB is the iceman for the SEC...it condu cts audits on firms and is essentially the c! ompliance objective arm which was non in place for Arthur Andersen in early...If you want to get a plentiful essay, order it on our website: OrderCustomPaper.com

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