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Author: Henry N. Butler
Publisher: A E I Press
ISBN: 9780844771946
Category : Law
Languages : en
Pages : 0
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Book Description
The authors argue that the Sarbanes-Oxley Act of 2002 (SOX) is a colossal failure, yet seek to salvage some lessons from the ruins of SOX.
Author: Henry N. Butler
Publisher: A E I Press
ISBN: 9780844771946
Category : Law
Languages : en
Pages : 0
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Book Description
The authors argue that the Sarbanes-Oxley Act of 2002 (SOX) is a colossal failure, yet seek to salvage some lessons from the ruins of SOX.
Author: Larry E. Ribstein
Publisher:
ISBN:
Category :
Languages : en
Pages : 4
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Book Description
This Abstract introduces the authors' new book, The Sarbanes-Oxley Debacle: What We've Learned; How to Fix It (The AEI Press 2006). The Sarbanes-Oxley Act of 2002 (quot;SOXquot;) is a colossal failure, poorly conceived and hastily enacted during a regulatory panic. Everyone now concedes that the direct compliance costs of SOX have been much greater than anticipated. While that alone should give any serious policy analyst pause, the Act's defenders press the case that SOX was worth its problems. This book demonstrates that the supporters are wrong in their assessment: Both logic and evidence make it clear that SOX was a costly mistake.
Author: Zoltan J. Acs
Publisher: Springer Science & Business Media
ISBN: 0387726632
Category : Business & Economics
Languages : en
Pages : 305
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Book Description
This unique volume presents policy recommendations designed to promote entrepreneurship. It considers timely issues like impact of securities regulation, educational policy and intellectual property protection on entrepreneurship. In the process, the book addresses policies operating at the individual, national, regional, and international levels, and offers a unique perspective on several institutional structures that enhance entrepreneurship and economic growth.
Author: George Benston
Publisher: Brookings Institution Press
ISBN: 9780815708919
Category : Business & Economics
Languages : en
Pages : 154
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Book Description
A Brookings Institution Press and American Enterprise Institute publication A few years ago, Americans held out their systems of corporate governance and financial disclosure as models to be emulated by the rest of the world. But in late 2001 U.S. policymakers and corporate leaders found themselves facing the largest corporate accounting scandals in American history. The spectacular collapses of Enron and Worldcom—as well as the discovery of accounting irregularities at other large U.S. companies—seemed to call into question the efficacy of the entire system of corporate governance in the United States. In response, Congress quickly enacted a comprehensive package of reform measures in what has come to be known as the Sarbanes-Oxley Act. The New York Stock Exchange and the NASDAQ followed by making fundamental changes to their listing requirements. The private sector acted as well. Accounting firms—watching in horror as one of their largest, Arthur Andersen, collapsed after a criminal conviction for document shredding—tightened their auditing procedures. Stock analysts and ratings agencies, hit hard by a series of disclosures about their failings, changed their practices as well. Will these reforms be enough? Are some counterproductive? Are other shortcomings in the disclosure system still in need of correction? These are among the questions that George Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer address in Following the Money. While the authors agree that the U.S. system of corporate disclosure and governance is in need of change, they are concerned that policymakers may be overreacting in some areas and taking actions in others that may prove to be ineffective or even counterproductive. Using the Enron case as a point of departure, the authors argue that the major problem lies not in the accounting and auditing standards themselves, but in the system of enforcing those standards.
Author: Robert A. Prentice
Publisher: South-Western College
ISBN:
Category : Business & Economics
Languages : en
Pages : 68
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Book Description
This brief guide explains the ins-and-outs of the Sarbanes-Oxley Act, helping you understand how this major legislative change affects CEOs, CFOs, and other financially responsible officers -- and ultimately you in your own business life.
Author: Melinda Rudnick
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 72
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Book Description
The accounting world was turned upside down on October 16, 2001, the day Enron announced it was going to restate their earnings by over $500 million. Six months later WorldCom announced the largest earnings restatement in SEC history. The two scandals were the breaking point that prompted Congress to take action. On July 25, 2001 the United States House of Representatives and the Senate approved the Sarbanes-Oxley Act of 2002, and President Bush signed the bill into law on July 30, 2002. The law puts restrictions on auditor services, sets requirements for corporations to include in their business models, and sets standards for penalties enforced when fraud is found. The bill was not without its problems. First year compliance costs for companies averaged $4.36 million. However, the costs and prior fraud scandals could have been avoided if the SEC would have considered earlier recommendations from a report issued by the General Accounting Office in 1996.
Author: Joshua Ronen
Publisher: Springer Science & Business Media
ISBN: 0387257713
Category : Business & Economics
Languages : en
Pages : 587
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Book Description
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Author: Debra DeVay
Publisher: Universal-Publishers
ISBN: 1581123183
Category : Business & Economics
Languages : en
Pages : 236
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Book Description
The collapse of Enron, WorldCom, and other large corporations in 2001 and 2002 motivated Congress to pass the Sarbanes-Oxley Act of 2002 (SOX). The purpose of this legislation was to restore investor confidence in the United States stock markets, and to prevent and detect fraud in financial statements as well. This dissertation examines the effectiveness of SOX for the latter purpose of preventing and detecting fraud, using statistical enforcement data presented by the Securities and Exchange Commission, and financial statement restatement numbers published by the Huron Corporation. The two methodologies utilized to analyze the data were the unpaired t test and the chi square test. Surveys were also emailed to executives and certified public accountants across the country to extract opinions as to the effectiveness of SOX. The statistical analysis results displayed that in 61% to 65% of the data sets, the numbers prior to the enactment of SOX were no different than the numbers subsequent to the enactment of SOX. The majority of the survey respondents feel that the benefits of SOX are not worth the costs, it is not effective in the prevention and detection of fraud in financial statements, and that it should be modified, but not eliminated entirely. While some sentiment exists that SOX is salvageable if revisions are executed, both the quantitative and qualitative analyses indicate support of the null hypothesis, that SOX is not effective in the prevention and detection of fraud in financial statements.
Author: Peter Krimmer
Publisher: GRIN Verlag
ISBN: 3638453928
Category : Business & Economics
Languages : en
Pages : 163
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Book Description
Diploma Thesis from the year 2005 in the subject Business economics - Accounting and Taxes, grade: Sehr Gut (Grade: A), Vienna University of Economics and Business (Management Accounting and Auditing), language: English, abstract: The present thesis examines the impact of the Sarbanes-Oxley Act of 2002 (SOA) on European companies and identifies their attitude towards its provisions. To raise the information needed, from May until the end of June 2005 all affected European companies (290) received access to the online questionnaire. Overall nearly twenty percent responded to the questionnaire. The following key findings have been identified: •The smaller a company is, the more problems it has to comply with the Sarbanes-Oxley Act. •The degree of the top management’s involvement in the compliance process plays a crucial role. •Almost every company has a formal code of ethics in place, but their senior management does not communicate it enough to their employees. •Almost every company has a whistleblower hotline in place to let all employees raise ethics and compliance issues and many of them also indicate that it allows an anonymous, confidential reporting and follow-up on raised issues. Only 30 percent of the hotlines were managed by an outside third party. •Most of the companies believe that the compliance costs have exceeded the benefits in 2004, but a positive trend - after the first compliance - towards the benefits can be identified. All in all, the thesis provides a representative overview on the SOA compliance situation of European companies.
Author: James Fanning
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
