Sample Term Paper

The implementation of the Sarbanes Oxley Act was aimed at reducing the fraudulent activities and the inconsistencies pertaining to the records of the public sector companies.

The Act was implemented to avoid the large scale public fraud and scandals which cost the investors in the US SEC millions in 2001-2002. However the implementation of the Sarbanes Oxley Act has brought about a new set of issues and problems which dictate that the act is redundant, ‘not exactly required’ and should be done away with as has resulted in an attrition of firms to international SEC’s and the reduction of economic activity in the United States.

Despite the fact that the Sarbanes Oxley Act was brought about to better regulate the public sector and organize the companies while monitoring the sector for fraud and manipulation of financial records, the Sarbanes Oxley Act has over the years proven to  have many negative effects on the business world. Some say that this act is illegal and others say that this act is too cumbersome for the current business environment and puts too much responsibility in the wrong hands.

 

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