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Essay / Research Paper Abstract
In the wake of corporate malfeasance at Arthur Anderson, new laws have been passed to protect the public. The most important of these was spelled out in the Sarbanes-Oxley act, an act governing how paper (memorandums, correspondence, and any other paper) will be treated in the future. Taking a quick walk through why the act came into existence (Arthur Anderson), this paper addresses [sec] 1520, the new obstruction of justice act that governs criminal activity of public and other corporations, and its implications. Bibliography lists 3 sources. JVenron.rtf
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File: D0_JVenron.rtf
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spelled out in the Sarbanes-Oxley act, an act governing how paper (memorandums, correspondence, and any other paper) will be treated in the future. In an effort to guard the public
trust, this bill instituted a new overseeing agency, the Public Company Accounting Oversight Board, established a records management law (RM law), and gave new policing powers to federal agencies.
The student may want to add: Oversight under the new law is much broader than the old SEC obstruction of justice law [sec] 1512,
under which Arthur Anderson was tried. Under the new statute, a person would only have to have knowledge of intent to deceive a government agency. Under [sec] 1512, the perpetrator
would have to act "corruptly," translated as also having "bad or evil purpose" (Strickland 12), behind the intent to deceive. "Corrupt" is exactly
how the public who lost $60 million in Enron investments would describe the actions of Arthur Anderson in 2000, and it all started with Andersons attorney, Nancy Temple, who asked
her name be stricken from a memo erroneously describing Enrons $1 billion loss as "nonrecurring" (Booth and Fowler 52). Temple is described in the court record as "the corrupt persuader
who led others astray" (Booth and Fowler 52). Enron spiraled into bankruptcy because Arthur Anderson notified Enrons officers that it was going
to remove the $1 billion nonrecurring loss from the financial statements. This sent investors scrambling, trying to get pennies back on the dollar to retrieve any of their investment
in Enron. The reason Nancy Temple was viewed as the culprit (by both the courts and everyone else) is not only because Ms.
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