LEG 500 WEEK 10 DISCUSSION - 86852

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olufunmilola

olufunmilola

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  • From: Business, Business
  • Posted on: Tue 06 Jan, 2015
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"Sarbanes-Oxley Act" Please respond to the following: • Analyze at least three (3) underlying causes for the creation of the Sarbanes-Oxley Act. Next, rank the causes that you have analyzed from the most important to the least important to the creation of the Act. Explain your rationale. • From the e-Activity, analyze how easy or difficult it may be for officers and managers of organizations to stay in strict compliance with SEC rules and for consumers, investors, and regulators to detect errors. Then, determine at least one (1) action that CEOs and boards can take to improve compliance. NOTE: FOUR DIFFERENT ANSWERS POSTED FOR THE PRICE OF ONE AS A BONUS JUST CHOOSE 1
Solution Description

Evaluate the overall effectiveness of the Sarbanes-Oxley Act to date, and determine who has benefitted most from the passage of the act. Provide two specific examples to support your response.

I believe that the Sarbanes-Oxley Act is very effective. It protects consumers and investors and holds the companies accountable. Not only that, but it helps companies detect and prevent fraud from their employees. A lot of fraud or concealing of statements is not always by a high level manager or executive. Even hourly employees can perform fraudulent actions and companies need a way to audit and hold whoever is accountable. I believe that investors have benefitted the most from the passage of the act. I think this because the act helps catch misrepresentation or misinformation early and that can prevent the company from losing money.

From the e-Activity, analyze how easy or difficult it may be for officers and managers of organizations to stay in strict compliance with SEC rules and for consumers, investors, and regulators to detect errors. Then, determine at least one action that CEOs and boards can take to improve compliance.

I believe that if the rules are followed at the beginning and to a tee then complying with the rules will be easy. By starting with beginning statements and having them readily available the officers and managers can ensure that they are in compliance. There are many ways to improve compliance. I think that having an electronic system like Neat receipts that will automatically organize the receipts and file them into a database will be a first start. The companies can then enter those into statements and have statements readily available.

OR

Analyze at least three (3) underlying cau

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