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Summary SOX Act.docx Case Study: Effects of Sarbanes-Oxley(SOX) Law on Organizations Name Institution Introduction In the year 2002, Oxley Michael, and Paul Sarbanes drafted a motion seeking to introduce a law that would then shield investors from accoun
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SOX A Case Study: Effects of Sarbanes-Oxley(SOX) Law on Organizations Name Institution Introduction In the year 2002, Oxley Michael, and Paul Sarbanes drafted a motion seeking to introduce a law that would then shield investors from accounting scandals that were initiated by the corporation...
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and paul sarbanes drafted a motion seeking to introduc
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Running head: SARBANES-OXLEY LAW0
Case Study: Effects of Sarbanes-Oxley(SOX) Law on Organizations
Name
Institution
, SARBANES-OXLEY LAW 1
Introduction
In the year 2002, Oxley Michael, and Paul Sarbanes drafted a motion seeking to
introduce a law that would then shield investors from accounting scandals that were initiated by
the corporations. Various accounting-related fraudulent activities in major IT firms such as Tyco
and WorldCom had been reported in early 2000. The Sarbanes-Oxley (SOX) Act was enforced
in 2006. Reforms were initiated to improve internal auditing among the Companies and protect
them from fraudulent activities. The law further directed that all the organizations involved in
public trading provide reports on internal accounting to the SEC annually to ensure compliance.
To ensure strict adherence, the SARBOX Act (2002) has a provision for severe civil penalties
against firms that demonstrates non-compliance or those that do not receive necessary
certification for internal auditing or financial disclosure within the given time frame. Also, the
law dictates that the economic data includes a clear Internal Control Report (ICR) as proof of
security for financial information. This paper seeks to discuss and gain insight into the
applicability of the SARBOX Act (2002) within the context of cloud computing technology.
Effects on Organizations with Cloud Presence
Cloud technology has been in existence for decades, especially among the Companies that
provide virtual services like Google, Oracle, Microsoft, among others (Chou, 2015). The system
allows access to IT-related services by consumers all over the world through the use of the
internet. According to a research by Dereje & Fernandez (2016), proper utilization of cloud
computing improves the financial performance of firms that embrace it by ensuring convenience
and easy management of the finances since most transactions are done directly between the
consumer and the company. Such benefits are also associated with a few challenges. Therefore,
there is a need to have the organizations comply with the guidelines given by SARBOX.
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