Sarbanes Oxley Research Paper Proposal Example | Topics and Well Written Essays - 1250 words

Sarbanes Oxley Paper - Research proposition ExampleThe investor of equity and money markets were under heavy scrutiny and investor had lost faith in the answerability and truthfulness of the financial data coming out on daily basis from the public corporations registered in the financial markets such as NYSE and NASDAQ. Congress and the Security and Exchange commission intervened in the built in bed by creating a in the altogether financial regulation called the Sarbanes-Oxley mold (SOX) of 2002. The Sarbanes Oxley take on purpose was to increase investor confidence by reforming accounting practices to improve accountability, auditor independence, internal controls, and executive responsibility to retard financial prank at the executive level of public companies was became punishable by jail time (Aicpa, 2008). This report analyses business line compliance, the Sarbanes Oxley Act and its ethical implications.The two congressmen who created the principles and concepts of the Sarbanes-Oxley framework were Paul Sarbanes and Michael Oxley. The Sarbanes-Oxley Act covers multiple issues which are arranged into eleven titles (Soxlaw, 2006). Out of the eleven titles six of them deal with business compliance. The five most influential parts of the Sarbanes Oxley Act of 2002 are sections 302, 401, 404, 409 and 502. Section 302 deals with the topic of corporate responsibility of financial reports. The Act mandated a series of new certification concerning newly released financial reports of public corporations. Some of the new certification protocols included the signature of the chief operating officer which this person liable in case of financial fraud, information regarding internal controls, and new auditor reports to ensure there were no untrue statement, material omission and that the reports were presented in fair manner (Soxlaw, 2006).Section 401 of the Sarbanes Oxley Act adds to the credibility of financial statements by enhancing the financial disclosur es. One of the key