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Essay / Research Paper Abstract
This 3 page paper begins by referencing globalization, but focuses on answering questions posed about Sarbanes-Oxley. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: RT13_SA734Ox.rtf
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Unformatted sample text from the term paper:
important to global trade, and one aspect of this concerns unsavory business practices and the rise of Sarbanes-Oxley. In an article on challenges that executive officers face, McEachern (2005) writes
about a number of things and also mentions Sarbanes-Oxley, legislation for which most business professionals are now aware. McEachern (2005) writes: "Since the enactment of Sarbanes-Oxley in 2004, enterprises have
gone through two phases of compliance. The first year was spending whatever it took to get compliant, often purchasing disparate point solutions. In year two, enterprises started getting more strategic,
looking for integrated compliance systems that reduce complexity and contain costs" (p.3). Compliance is tedious, but it seems to be necessary in a world that is subject to accounting mishaps
and corporate fiascos. Many questions arise as a result of Sarbanes-Oxley. What is the purpose of the Sarbanes-Oxley Act, and which business are impacted by it? What business
events was this Act in response to by Congress? In general, Sarbanes arose due to scandals like Enron, and is a law that replaces older requirements. Firms now
must register with the PCAOB and they are in charge of determining whether or not that firm is fit to perform whatever task it is involved with (Marlin, 2005). Indeed,
not only has Sarbanes Oxley impacted peer review, but also it has impacted the entire profession, how it is run and what rules the accountants and auditors must comply with.
The Act affects all U.S. public companies. Sarbanes-Oxley is thought to be a good law, but there are drawbacks. It is something that has hurt many small firms, and
made a lot of work for the accountants. Of course, creating needless work is not productive, but it has created a situation that is lucrative for accounting and auditing firms.
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