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Essay / Research Paper Abstract
A 4 page paper that beings with an explanation of what this Act is about and its requirements. The writer then discusses the impact this Act has had on businesses and investors. Bibliography lists 5 sources.
Page Count:
4 pages (~225 words per page)
File: MM12_PGsox3.rtf
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Unformatted sample text from the term paper:
in private sector corporations, and, most specifically, in response to the Enron, Arthur Andersen and WorldCom debacles (Hamel, 2003; Heinz, 2003; Gonzales, 2005). The Sarbanes-Oxley law governs publicly held companies
but it "will likely have a far-reaching, subtle impact on nonprofits" (McLaughlin, 2003). Actually, Hamel (2003) reminded readers that certain provisions in the Act apply to everyone: "Sarbanes-Oxley contains a
number of provisions, among them new and sweeping criminal provisions, that apply to everyone, including nonprofit organizations and their officers and boards." For instance, the provisions regarding "obstruction of justice
by document destruction and retaliation against informants" (Hamel, 2003) are two components that apply to all organizations (Hamel, 2003). Heinz (2003) explains: "The Sarbanes-Oxley Act of 2002 imposes new federal
regulations on the auditors of public companies and makes significant changes in the responsibilities of corporate officers, directors and other financial services professionals." The bill includes mandates for internal controls
and audits, increases the liability for corporate directors and accounting professionals and it restricts the services that auditors can provide to companies and organizations (Heinz, 2003). This law also
"directs changes in some audit and financial reporting practices of the U.S. General Accounting Office (GAO) " (Heinz, 2003). Furthermore, the criminal issues are directly applicable to any nonprofit that
receives any federal money at all, no matter how little or how much (Hamel, 2003) Four years after this Act was passed, controversy still reigns high about it. Obviously,
it is expensive to meet the requirements outlined in the Act. Proponents argue the new law has "cleaned up corporate America, leading us into a new age of responsibility and
accountability" (Edison, 2006, p. NA). Opponents or critics are that Sarbanes-Oxley argue that Congress may have noble intentions but the law "has been nothing but intrusive, expensive, and heavy-handed" (Edison,
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