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ACC 230 Week 1: An Analysis of the Sarbanes-Oxley Act: Provisions, Ethical Boundaries, and Impact on Financial Reliability

An examination of the Sarbanes-Oxley Act's impact on financial ethics and reliability.

Benjamin Fisher
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ACC 230 Week 1: An Analysis of the Sarbanes-Oxley Act: Provisions, EthicalBoundaries, and Impact on Financial ReliabilityACC 230 WEEK 1 DQ 2Search the Internet or the Online Library for information about the Sarbanes-Oxley Act. A useful guide tosome of these provisions is located athttp://www.soxlaw.com. Summarize at least two provisions of thelaw, and discuss your interpretation of these provisions with your classmates. Do you think this law willmake financial statements more reliable? Also, discuss how Sarbanes-Oxley establishes boundaries toensure ethical practices. What does the law allow or prohibit, and why?The Sarbanes-Oxley Act Section 302 describes the responsibilities of the corporation in regardsto their financial statements. According to this section corporations must follow regulations suchas representing true and accurate information on their financial statements and that the reportsare reviewed by signing officers. The Sarbanes-Oxley Act Section 302 ensures that financialstatements are reliable based on their requirements for financial statements to be reviewed by thesigning officer.The Sarbanes-Oxley Act Section 409 states that the corporation must provide the public withinformation on any financial changes in a form of communication that is easily understandableby the public. This information provides information to the public before it is included on thefinancial statements at year end for individuals. This ensures that the information provided to thepublic is also provided on the financial statements.

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Document Details

University
Hult International Business School
Course
ACC 230
Subject
Accounting

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