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Summary ACCT 105 7.docx ACCT 105 Week 7 Homework Assignment American Military University ACCT 105 WIN 18 The Sarbanes-Oxley Act which was sometimes referred to as Sox. SOX was accepted by US Assembly in 2002 and it was approved in reply to a movement of a$7.49
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Summary ACCT 105 7.docx ACCT 105 Week 7 Homework Assignment American Military University ACCT 105 WIN 18 The Sarbanes-Oxley Act which was sometimes referred to as Sox. SOX was accepted by US Assembly in 2002 and it was approved in reply to a movement of a
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ACCT 105 ACCT 105 Week 7 Homework Assignment American Military University ACCT 105 WIN 18 The Sarbanes-Oxley Act which was sometimes referred to as Sox. SOX was accepted by US Assembly in 2002 and it was approved in reply to a movement of accounting scams from firms like WorldCom, Enron, G...
acct 105 7docx acct 105 week 7 homework assignment american military university acct 105 win 18 the sarbanes oxley act which was sometimes referred to as sox sox was accepted by us assembly
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ACCT 105
Week 7 Homework Assignment
American Military University
ACCT 105 WIN 18
The Sarbanes-Oxley Act which was sometimes referred to as Sox. SOX was accepted
by US Assembly in 2002 and it was approved in reply to a movement of accounting scams
from firms like WorldCom, Enron, Global Crossing and Tyco there was this trend of
accounting schemes and we even had one of the five major accounting companies Arthur
Andersen was caught up in all this, they were terminating forms, they were charged illegally
they ended up going out of business as a result of all of this and Sarbanes-Oxley actually did
a amount of things first of all I’ve had new guidelines for publicly imported businesses and
their directors, they also formed a lot of new instructions for audit companies and it also
occasioned in the formation of PCAOB. The CEO and CFO of a firm or their main majors
which is typically the CEO and the CFO must sign off and verify the truth of the financial
statements. Now you might reflect that this is clear and yes what didn’t this happen to
happen before, shouldn’t the CEO stance by the financial statements of their company, but
the thing was when there was that wave of accounting scams the CEO saying look I’m not a
certified public accountant I really don’t know what’s going on here, I didn’t essentially put
together the financial statements I’m just kind of handling the firm and so Sarbanes-Oxley
made it very strong that the CEO the CFO they have to sign off on the financial statements
and if there’s some kind of scams they will be a penalty particularly if later they’re found to
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