Question 1: The Sarbanes-Oxley Act was implemented due to big corporations mismanaging their business and accounting frauds within those big corporations (dummies). A big reason for implementing the Sarbanes-Oxley Act was due to Enron and their scandal back in 2001, there was fraud, embezzlement, illegal manipulation, pumped up earnings, and misrepresenting how the company was doing (enron). Enron was not the only company doing this, during this time and age companies were becoming larger and the economy was building with competitive companies with sketchy books of business. SOX (Sarbanes-Oxley Act) basically give a model for how a company should be run regardless of size or how it is owned. It spells out guidelines and regulations that publically
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The critics for the act state that Congress has purposely compromised the act by withholding funds to enforce the act and passing bills that go against everything the bill stands for (enron). Those who oppose the bill mainly the big corporations state that the act increases costs on their end and it reduces the competitiveness in their respective industries (enron).
I believe the SOX Act is very good for America. I fully support big corporations having guidelines that they must adhere to so that they do not undermine the law and if they attempt to undermine them the act has enforced that proper investigation will ensue. In the early 2000s companies took advantage of the lack of regulation and the CEOs benefited while the employees on the lower levels were screwed out of their livelyhoods. SOX is needed and should be enforced.
The Sarbanes-Oxley Act is also known as SOX and as Public Company Accounting Reform and Investor Protection Act of 2002 …show more content…
Once they have accessed the computer network they steal information to obtain a profit, or some hackers just do it for the challenge (). There are multiple different types of hackers. In basic terms there are the good guys and the bad guys. The good guys are known as white-hat hackers and they help companies find loose ends in their security systems. Then there are the bad guys and they are called black-hat hackers. Black-hat hackers break into computers to steal information for their own profit
The critics for the act state that Congress has purposely compromised the act by withholding funds to enforce the act and passing bills that go against everything the bill stands for (enron). Those who oppose the bill mainly the big corporations state that the act increases costs on their end and it reduces the competitiveness in their respective industries (enron).
I believe the SOX Act is very good for America. I fully support big corporations having guidelines that they must adhere to so that they do not undermine the law and if they attempt to undermine them the act has enforced that proper investigation will ensue. In the early 2000s companies took advantage of the lack of regulation and the CEOs benefited while the employees on the lower levels were screwed out of their livelyhoods. SOX is needed and should be enforced.
The Sarbanes-Oxley Act is also known as SOX and as Public Company Accounting Reform and Investor Protection Act of 2002 …show more content…
Once they have accessed the computer network they steal information to obtain a profit, or some hackers just do it for the challenge (). There are multiple different types of hackers. In basic terms there are the good guys and the bad guys. The good guys are known as white-hat hackers and they help companies find loose ends in their security systems. Then there are the bad guys and they are called black-hat hackers. Black-hat hackers break into computers to steal information for their own profit