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A public Policy Paper on Sarbanes and Oxley-includes brief history, description of law, ethical issues, and etc.

Term Paper Number
898600133
Term Paper Description
A public Policy Paper on Sarbanes and Oxley-includes brief history, description of law, ethical issues, and etc.
Publish Year
2009
Academy
University of California Riverside
Course
Bus 102- Ethics
Number Of Pages
20
Number Of Words
4430
Price
60 $ (USD)
Keywords
Public, Policy, Sarbanes, Oxley
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Paper Abstract

Public Policy Analysis

12/10/09

Table of Content

I.       Introduction………………………………………………………………………...... 3

II.    History……………………………………………………………………………...…4

III. Description of the Law……………………………………………………………......4

IV. Ethical Issues.......................…………………………………………………………..8

V.    Analysis of policy effectiveness……………………………………………………..10

VI. Implementation………………………………………………………………………10

VII.          Evaluation……………………………………………………………………………12

VIII.       Recommendation…………………………………………………………………….14

IX. Conclusion……………………………………………………...……………………15

Introduction

            Imagine a world, where no major corporate or business linked problems have occurred. Where people trust and are happy with corporate America; where a household average income was more than fifty thousand dollars. Between 1992 and 2000, the percentage of households owning mutual funds doubled, from 24.4 to 49 percent. And between 1992 and 1999, the percentage of Americans owning equities, either through mutual funds or as individual stocks, rose from 36.7 percent to 47.9 percent (Gross 2009). Then in December 2, 2001, a date that will live in infamy, Enron Corp. files for chapter 11 bankruptcy, and is accounted for $63.4 billion in assets, and is held as one of the largest U.S. bankruptcies in history. Only months before Enron Corp.’s bankruptcy, the firm was widely regarded as one of the most innovative, fastest growing, and best managed businesses in the United States. Following Enron came many cases of corporations who performed fraudulent activities and lied on their financial statements, like WorldCom, Adelphia, and many others. The fall of these major corporations cost the economy and people billions of dollars. To answer the call for help, the government came out with the 'Public Company Accounting Reform and Investor Protection Act, also known as Sarbanes and Oxley Act or SOX.

            In this paper, there will be description of the law, from history to the current situation of it. Then it shall continue with the ethical issues of what had occured and the reason for its creation. Following with the analysis of policy’s effectiveness, basically what and how has it achieved in corporate America. The implementation of SOX, meaning who or what executes and monitors the law in other firms. Then the evaluation of the law, where the strengths and weaknesses will be revealed, following with recommendations to enhance the law.  Finally, ending with a conclusion of what was said and my opinions on this paper.

  History

            After being fed up with all the corporate scandals, Senator Paul Sarbanes and Representative Michael Oxley prepared their own bills to answer the corporate fraud that had occurred in America. On June 18, 2002, Senator Paul Sarbanes’ bill passed the Senate Banking Committee by a vote of 17 to 4.  He introduced the Senate Bill 2673 at the end of June and it was passed on July 15, 2002, 97-0. Michael Oxley’s bill, Corporate and Auditing Accountability, Responsibility, and Transparency Act, was passed on April 24, 2002 by a vote of 334 to 90. Later, the house and the senate joined together and formed a conference committee to bring together the differences between Senator Sarbanes’ and Representative Oxley’s bills. The conference committee relied heavily on Senate bill 2673 and stated “most changes made by the conference committee strengthened the prescriptions of S. 2673 or added new prescriptions” (The Sarbanes Oxley Deskbook, Bostelman). On July 24, 2002, the committee approved the final conference bill and provided it with the name of “The Sarbanes-Oxley Act of 2002.” The very next day after it was approved, Congress voted on it and produced an overwhelming victory of 423 to 3 in the House and 99 to 0 in the Senate. Former President George W. Bush signed the bill into a law on July 30, 2002.

 



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