Essay: Brief about Sarbanes Oxley Act

Sample Essay

Title VI of the Act is The Common Resources and Authority which highlights the practices which can be employed by the SEC to restore the confidence of the investors in the stock exchange. The Studies and Reports make up title VII which presents researches and studies conducted on companies conducting violations by the SEC and the auditors. The Corporate and Criminal Fraud Accountability is title VIII which presents the criminal penalties that are applicable on those conducting fraudulent activities or manipulation of the investments in the stock exchange and also provides the specific protection available for whistle blowers. The White Collar Crime Enhancement is title IX which presents the increased penalties for white collar crimes. Title X and title XI pertain to Corporate Tax returns and Corporate Fraud accountability which highlight the requirements for filing tax returns (e.g. the requirement CEO signing off tax returns) as well as allows the SEC to freeze large volume payments in suspicion of fraud.

The Act was put in place after the notable scandals of fraud conducted by Enron, Tyco International, Peregrine Systems and the company WorldCom which resulted in the investors of the company losing millions. These frauds were mainly based on conflicts of interests, the excessive compensation practices adopted by the companies for their senior managements and the fraudulent accounting procedures adopted by the companies.

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