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Essay / Research Paper Abstract
This 7-page paper provides an overview of the Sarbanes-Oxley Act, its impact on the accounting profession and historical perspective. Bibliography lists 6 sources.
Page Count:
7 pages (~225 words per page)
File: D0_MTsarcon.rtf
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-- with supposed accounting safeguards in place - could go as far as Enron did and people not know about it. People were just as stunned that Enrons auditor, Arthur
Andersen, could do what it did (even down to shredding the evidence), and again, not be caught. The astonishment was further compounded when
just a few months later, WorldCom also reported accounting irregularities, which turned its supposed profits into huge losses. In an attempt to "do
something" to stem the anger of the American people, Congress enacted what some experts referred to as "sweeping new Corporate Governance legislation," also known as the Sarbanes-Oxley Act of 2002
(Rinnisland, 2003). The idea behind Sarbanes-Oxley (which well refer to as the Act in this paper) was to help prevent questionable reporting capacities
- and also to provide a watchdog oversight board for the accounting industry, which had erred badly when it came to Global Crossing, Enron and other corporate scandals.
In this paper, well investigate the Act, its meaning, and determine how it has impacted the accounting profession. Though its tough to say what the
long-term ramifications of the Act will be (as its still so new), some of the literature on Sarbanes-Oxley has made some predictions as to how the Act will impact the
profession and firms. Well examine the literature as well in this particular area. The Act - Its History According to Rinnisland (2003), the
Act exists to "change American corporate culture by drawing a direct, enforceable relationship between senior corporate management, and the integrity and quality of their companies financial statements." In other words,
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