Macomb Community College Business Essay

Description

Web Assignment – Due by Friday (20 Points)

Sarbanes-Oxley (SOX)

Instructions

Go to the SOX website and watch the provided video. Become familiar with the site by researching the content and provided information. Once you have researched the site and video, respond to the assigned questions.

Provide your personal thoughts and ideas for this assignment. Do not plagiarize your responses for this assignment. Definitions are not to be included in your responses. Appropriately cite your sources. Number your responses according to the assigned questions. Do not retype the question!! If you do not follow the requirements, your grade will be reduced by 50 percent. Post your assignment to the provided assignment thread.

Post your initial response and you will be given access to the Turnitin summary report. You are able to resubmit your document up to three times before the due date.

Word Count Requirement: 250 words

Link

http://www.soxlaw.com/ (Links to an external site.)Links to an external site (Links to an external site.)

Video

https://www.youtube.com/watch?v=xW9pSAwaeO0 (Links to an external site.)

Questions

1. Explain the objective of the Sarbanes-Oxley Act.

2. Describe the purpose of Section 401.

3. Describe Section 802 of the SOX Act. Discuss the penalties that wrongdoers can receive for falsifying financial records and audits.

4. Are the penalties and fines of the SOX Act enough to deter the misrepresentation of financial statements and improper audits? Explain the rationale for your opinion.

5. Explain why federal regulations and oversight are necessary in the accounting industry.

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