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ACCT450-1203B-01 Business and Professional Ethics for Accountants AssignmentName: Unit 3 Discussion Board Deliverable Length: 400–500 words Details: Your CEO read a recent report on the importance of...

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ACCT450-1203B-01 Business and Professional Ethics for Accountants
AssignmentName:Unit 3 Discussion Board
Deliverable Length:400–500 words
Details:Your CEO read a recent report on the importance of the SOX Act, but he acknowledged that he does not know much about it. He requested that you explain why the SOX Act was enacted and if you think it has helped the industry.
  • Describe at least 3 main reasons that you think prompted the U.S. Congress to pass the SOX Act.
  • Examine each of the following areas:
  • Governance
  • Auditor independence
  • Disclosure practices
  • Regulation of public accounting firms
  • Dotwo things for each of these areas:
  • Explain at least 1 provision in the SOX Act to provide expansive regulation to address what was generally seen as systematic failures in each area.
  • State whether or not you agree that the new provisions dealt with the issues that you think prompted the U.S. Congress to enact the SOX Act, and explain your rationale for each area.
The following grading criteria will apply to this assignment:
Grading Criteria
40%Describe at least 3 main reasons that you think prompted the U.S. Congress to pass the SOX Act.
20%Explain at least 1 provision in the SOX Act to provide expansive regulation to address what was generally seen as systematic failures in each area.
20%State whether or not you agree that the new provisions dealt with the issues that you think prompted the U.S. Congress to enact the SOX Act, and explain your rationale for each area.
20%Post a response to the Discussion Board, and comment on other postings.
Objective:? Develop critical skills by analyzing ethical and legal issues and problems, recognizing and assessing such issues and recommending specific actions to implement your analyses
? Improve oral and written communication skills through class discussions, cases analyses, formal and informal presentations, and group and written assignments
Answered Same DayDec 31, 2021

Solution

David answered on Dec 31 2021
41 Votes
Sa
anes–Oxley Act
Sa
anes–Oxley Act

Sa
anes–Oxley is also known as Sa
ox or SOX and is an American federal law that has
established better and novel criteria and principles to be applicable to all American public
companies and their boards along with the management and accounting firms. The bill was
actually passed because of the very infamous corporate fraud committed by Enron along with
similar kinds of misdeeds by other companies Adelphia, Tyco, WorldCom, and Peregrine
Systems International. These corporate scandals were not only detrimental to the economy of
USA but also tarnished the social image and trust of the corporate America and the Wall
Street. They involved millions of the investors’ money and resulted in the overall
plummeting of the share prices across the nation's securities markets.
The Act outlines the most ethical accounting and governance practices to thwart any
corporate scandals in future and the main points on which the act focusses are:
Auditor Independence: These standards pertain to establishment of the...
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