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Essay / Research Paper Abstract
This 3 page paper looks at some of the problems that have emerged with the implementation of the Sarbanes-Oxley Act, explaining the issues and placing this in the context of the acts ultimate objectives. The bibliography cites 4 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TESOXprob.doc
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Unformatted sample text from the term paper:
was needed, the main thrust of the response was the Sarbanes-Oxley Act, which was passed in July of 2002 (Romano, 2002). The aim of the act was to introduce corporate
reform and improve protection for investors. However, although well-intentioned, the maybe argued that the act and although it may solve some of the old problems, it introduces new problems. Some
of the advantages to greater independence in the accounting aspects of company reporting, and reduced the potential "coziness", between auditing firms and the firm that they are auditing, this was
noted as being one of the issues in the Enron scandal (Romano, 2005). A notable problem with act, which impacts on only a minority of companies in terms of implementation
is seen where other companies are listed in US. It is notable that some of the comments of the act are in direct conflict with the companies own national regulations,
this was resolved by exempting foreign countries from some of the requirements of the new governance legislation (Romano, 2005). The act of the introduction of a new regulatory body;
the Public Company Accounting Oversight Board (PCAOB), whose role it is to regulate the accounting profession, but in practical terms it has not been given any authority greater than that
which resides in with the Security and Exchanges Commission (SEC), which can cause a potential conflict of interests as they are being regulated and answerable to one body and hired
and paid for by the corporation that they audit (Niskanen, 2006). However, itself may be seen as reflective of general regulatory situations for many professions, where there are regulatory
bodies, and hardly new to the accounting profession, but increasing the potential sources of conflict of interests with professional bodies as well as regulatory bodies (Elliott and Elliott, 2008). Increased
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