The “Sarbanes-Oxley Act” and the modification of “Sarbanes-Oxley Act” by “Dodd-Frank Act”. Introduction: Financial reporting in practice is the main area where the malfunctioning of financial statements is evolved. Many steps are taken to control accounting scandals as they are more relatively practiced in the common financial statements. New legislations have been passed to control these scandals as well as the implementation of penalties for fraudulent activities.

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Chapter 2.7, Problem 2CC

Summary Introduction

To discuss: The “Sarbanes-Oxley Act” and the modification of “Sarbanes-Oxley Act” by “Dodd-Frank Act”.

Introduction:

Financial reporting in practice is the main area where the malfunctioning of financial statements is evolved. Many steps are taken to control accounting scandals as they are more relatively practiced in the common financial statements. New legislations have been passed to control these scandals as well as the implementation of penalties for fraudulent activities.

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