Sarbanes Oxley Act

Sarbanes-Oxley Act

Brief Description:

Examines this law, which was passed in response to unethical business practices in the United States
Citation: MLA; Page: 6( 1511 words); 2005

Abstract

The Government of United States had implemented a law, The Sarbanes-Oxley Act, on 29th of July in 2009 in order to regulate corporate sector of the country. As a result, a decline was observed in the stock values of publicly-traded companies in summer of 2002. This Act was considered as an historic occasion, a long overdue corporate reform package by some. On other hand, critics considered it a government’s overreaction towards corporate sector. The purpose of this paper is to prompt the passage of Act, and to define its necessity for accounting problems. The paper further explains the advantages and disadvantages and impact of this Act on the accounting profession in coming years.

Excerpts
United States has sustained sufficient regulation in the Corporate Sector. Additional step to regulate it may harm the economy’s principles which are the basics of free market economy. It is much better to implement the laws that already exist to handle the bankruptcy instead of making new ones. Sarbanes-Oxley Act is no more than a knee-jerk reaction for the management while handling bankruptcy scandals in the business. By implementing this, board of directors and management will not be able to pay attention to the company’s objectives and will be self-protectors.

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