Essay: SOX Implementation

Sample Essay

SOX implementation has restricted the level of independence once enjoyed by the accountants by the incorporation of the Public Company Accounting Oversights Board (PCAOB) which is overseen by the Securities and Exchange Commission. PCAOB is responsible for the review and inspection of the auditors and the audit work of limited companies and if there are any irregularities and violations of laws or rules then the PCAOB will take action against the perpetrators.

4. Impact on Business and Society

According to SOX section 406 all companies have to reveal a code of business conduct and ethics for directors, officers, and employees” and be quick in revealing any variances or deviations from the code (Seganish and Holter 2004)

4.1 Ethical issues

Section 806 of SOX provides a great deal of protection to whistle blowers who are employees in exchange listed companies. The protection includes “payment of damages, lost wages, reinstatement and attorney fees.” (Seganish and Holter 2004).

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