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Summary ACCT105 7.docx ACCT105: Accounting Week 7 Assignment American Military University ACCT105: Accounting for Non-Accounting Majors Accounting Week 7 Assignment First to be able to compare and contrast the views of management professionals and accountin
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ACCT105 ACCT105: Accounting Week 7 Assignment American Military University ACCT105: Accounting for Non-Accounting Majors Accounting Week 7 Assignment First to be able to compare and contrast the views of management professionals and accounting professionals regarding the Sarbanes-Oxley Act h...
acct105 7docx acct105 accounting week 7 assignment american military university acct105 accounting for non accounting majors accounting week 7 assignment first to be able to compare and contr
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ACCT105:
Accounting Week 7 Assignment
American Military University
ACCT105: Accounting for Non-Accounting Majors
Accounting Week 7 Assignment
First to be able to compare and contrast the views of management professionals and
accounting professionals regarding the Sarbanes-Oxley Act had on internal controls we must first
understand what the Sarbanes-Oxley Act actually did. The Sarbanes-Oxley Act of 2002 did was
to “protect investors from fraudulent financial reporting by corporations. This act is a direct
result from publically traded scandals such as Enron Corporation and WorldCom.” (Kenton,
2020) Some of the main takeaways from the publishing of this act was new strict rules in the
accounting realm to impose much more stringent recordkeeping and included criminal penalties
for violation of this law. Lastly it incorporated new protections for investors and interested
parties of the company.
Before we can compare the changes required for management level employees as a result
of the Sarbanes-Oxley Act we have to look at what was implemented. What it did was increase
the level of responsibility and accountability as they are now required to personally certify the
accuracy of financial reports before they are published. If one of these top managers knowingly
and or willing allows a false certification to be published it is now punishable with significant
prison time. Furthermore they can be held accountable at a fiscal level and be forced to divert
any financial gain made from false reports. (Blokhin, 2020)
The Sarbanes-Oxley Act also made a significant changes to the way accountants do
business at a corporate level. Something major the Act did was require additional internal
control reports and audits at least annually. The level of reporting required companies to utilize
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