The Sarbanes Oxley (SOX) Legislation Law Essay Paper (Essay Sample)
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Instructions Prepare a paper in which you address the following: headings will be the 5 sections below;
• Identify and explain the key ethical components of SOX.
• Explain why financial fraud and abuse still occurs despite the passage of SOX.
• Recommend potential improvements of the SOX legislation based on your research.
• Recommend measures, beyond the scope of SOX, that organizations can implement to prevent financial statement fraud and abuse.
Support your paper with a minimum of five scholarly resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.
Length: 5-7 pages, not including title and reference pages Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic
The Sarbanes Oxley (SOX) Legislation
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The Sarbanes Oxley (SOX) Legislation
The increased cases of unethical behavior and fraud in companies have fostered ethical breakdowns of the worldwide business community. Evident scandals at Xenon, Quest, Enron, Tyco, WorldCom, and HealthSouth enkindled mistrust of American business integrity that precipitated reestablishment and reevaluation of the accounting process. It should also be understood that financial scandals do not only affect the US alone, but it is a worldwide crisis that is evident in Asia, Europe, and many other world countries. In response to the financial fraud, the US congress in 2002 implemented the Sarbanes-Oxley Legislature (SOX) that targets to protect general public and shareholders from fraudulent and accounting errors in organizations as well as improving the corporate disclosures accuracy. However, the SOX act stipulates the time-limited requirement rules for both compliance and publication; financial fraud occurs even today. The present financial fraud can be evaluated better through; the review of primary SOX Ethical components, the establishment of reasons behind persisted financial fraud, presentation of research-based SOX act improvement recommendations, and establishment of measures beyond SOX scope that organizations can adopt to curb financial abuse and fraud.
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