Essay: Obstacles of SOX Act

Essay: Obstacles of SOX Act
June 8, 2011 Comments Off on Essay: Obstacles of SOX Act Academic Papers on Business Studies,Sample Academic Papers admin

Sample Essay

There have been critics who believe that the cost to small firms will be greater and the returns and the stock price will suffer a great extent of damage. The advocates of the SOX refute this claim, saying that those firms who have in place excellent systems in their internal operations will benefit and the costs of following and complying with the PCAOB will be low for these firms and the SOX will provide greater safety to their investors (Butler & Ribstein, 2006).

The act places huge obstacles and sufferings on the accounting firms for the purpose that these firms make conscious efforts to upgrade their internal control mechanisms and standards for presenting information to investors. The act aims to develop the procedures of corporations and tries to remove all agency conflicts, for example it has made it compulsory that the directors of the business and the auditing company are mutually exclusive. The practices and procedures of all these accounting companies have been questioned, those practices especially that have been age old traditions for these accounting bodies.

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