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Essay / Research Paper Abstract
A 5 page paper discussing Sarbanes Oxley's effect on auditors and clients. Much of the trouble surrounding the creation of financial reports originated with abandonment of accepted practice; Sarbanes-Oxley forces a return to more conservative methods and requires the application of common sense in areas where it had been abandoned. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSauditSOX.rtf
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Unformatted sample text from the term paper:
Sarbanes-Oxley (SOX) legislation was signed into law in 2002, not entirely a law resulting from the Enron collapse but certainly a law hastened into existence influenced by the accounting scandal
and subsequent collapse of the company. There have been a few times in the nations history that Congress has acted quickly, swiftly and purposefully to arrive at some conclusion
quickly followed by direct and appropriate action. The timing of Sarbanes-Oxley and the speed with which it appeared to take shape are deceiving, leading the casual observer to believe
that its creation provides one of the rare examples of quick action on Capitol Hill. The truth is that there had been growing
awareness of the need to "do something" in regulation of corporate financial accounting and reporting. The Securities and Exchange Commission (SEC) had been "doing something" for some time in
requiring more than 100 publicly-traded companies to restate earnings. And at the end of 2000, well in advance of the Enron collapse, the banking industry announced changes that the
Basel Committee on Banking would be recommending for banks in developed nations to adopt. All of these efforts ultimately rested on the audit function, internal auditors and particularly in
the case of the Basel Committee, on organizations audit committees. Attention to Enhanced Corporate Governance Corporate governance is receiving attention all around the
world in those nations in which transparency and open structure are important. It is also not limited to those nations with a well-established corporate base, either. Many of
the worlds developing nations within designated big emerging markets also are giving concerted attention to the issue, in hopes of avoiding some of the problems that come with the growth
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