Sabanese-Oxley Act- CompliancePurpose of AssignmentCorporate fraud has cost businesses and its shareholders millions of dollars and has been the source of legislation and regulations attempting to provide oversight and guidance to corporate boards, executives, and practitioners. Think about how these laws have changed the practices of corporate executives and, in light of the Enron scandal et al., has it been enough?Assignment StepsResources: Legal Environment of Business: Online Commerce, Business Ethics, and Global Issues: Ch. 16 (pp. 364 -368), 22, and 23.Scenario: The Sarbanes-Oxley Act (SOX) has been in effect since 2002 and has cost businesses millions of dollars in personnel and administrative costs. Your company is in the process of going public, has underwritten its Initial Public Offering (IPO), and filed its registration statement with the Securities Exchange Commission. Your current executive team has asked you to create a plan ensuring SOX compliance is followed once you become a publicly traded company.Review the pertinent sections of The Sarbanes-Oxley Act (SOX) Act. For purposes of this proposal to the board, only concern yourself with the compliance provisions of SOX
(Sections 302, 401, 404, 409, and 802).Create a maximum 1,050-word proposal to the board outling the compliance project necessary to implement SOX.Cite a minimum of one reference for the five content areas taken from a business or legal resource. One resource must be from the University Library.Format your paper consistent with APA guidelines.Answer preview
.Compliance is a vital part of financial organizations that calls for constant monitoring and adjustments. The Sabanese-Oxley Act (SOX) that came into effect in 2002 introduced significant changes to the regulation of financial practice and corporate governance. The bill was named after Senator Paul Sabanese and Representative Michael Oxley who were the principal architects of the contents of the legislation. The law was made mandatory for all organizations whether large or small. It is arranged in eleven titles, but the ones addressing compliance are sections 302, 401, 404, 409, and 802. Companies should handle compliance with the law methodically by analyzing and studying its contents clearly. As with many regulations, some parts of the act dwell more on compliance than others
. APA 1147 words
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