The Sarbanes-Oxley Act (SOX) signed into law in July 2002 was intended to improve the accuracy of the financial statements prepared by publicly held companies. Please read the attached summary of this Act in order to answer this question. A. Discuss how this law is likely to affect each of the following 6 issues: (Note: you should begin with a brief statement of the law as it pertains to each question and then explain the intended effect.) 1. Audit committees of public company boards of directors 2. The CEO?s and CFO?s of public companies 3. Outside independent audit firms 4. SOX section 404 on Internal Control 5. The accuracy of public company financial statements and the cost of capital for public companies 6. What changes should be made to SOX?
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