The Sarbanes-Oxley Act of 2002 was a necessary response to the corporate accounting scandals of the early 2000s. It brought much-needed reform to the regulatory framework for corporate accounting and reporting and increased the accountability of public companies

Contemporary Auditing
11th Edition
ISBN:9781337650380
Author:KNAPP
Publisher:KNAPP
Chapter1: Comprehensive Cases
Section1.11: New Century Financial Corporation
Problem 3Q
icon
Related questions
Question

sh7

please help me 

Thankyou

The Sarbanes-Oxley Act of 2002 was a necessary response to the corporate accounting scandals of the early 2000s. It brought much-needed reform to the regulatory framework for corporate accounting and reporting and increased the accountability of public companies and their auditors. While there are concerns about the costs of compliance and the impact on competitiveness, there is evidence to suggest that SOX has helped prevent fraudulent reporting and improve the quality of financial reporting. Nonetheless, there may be room for further improvement in the act's implementation to address any remaining issues and to ensure continued investor confidence in the US financial markets.

Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Principles of Corporate Governance
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Contemporary Auditing
Contemporary Auditing
Accounting
ISBN:
9781337650380
Author:
KNAPP
Publisher:
Cengage
Business/Professional Ethics Directors/Executives…
Business/Professional Ethics Directors/Executives…
Accounting
ISBN:
9781337485913
Author:
BROOKS
Publisher:
Cengage
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College