Sample Term Paper
There are some of the issues that can arise due to application of the recommended changes that have been suggested. Example by reducing the compliance requirements for the auditing and the accounting practices can increase discrepancies in the accounting strategies employed by the companies in the private sector.
Moreover the highlighting of white co9llar crime and punishments can lead to a fear in the industry of the results of such acts leading to the management being scared and lack innovation by playing it safe. Other issues that can arise relate to the lack of availability if complete records on the companies and firms in the sector which were exactly what resulted in the WorldCom and the Enron scandals.
Despite the issues that have been provided which arise due to the recommended changes to the Sarbanes Oxley Act, it has to be pointed out that overall in the longer run, making changes to the Sarbanes Oxley Act is more beneficial for theUnited Statesand its economy than not making any changes. This is because the benefits out rule and overcome the issues. By enacting the changes and making the Sarbanes Oxley Act less complex and cumbersome, the foreign operations established in the United States can be urged to registered with the US stock exchanges while the attrition of the public sector firms from the United States Stock exchanges to the international stock exchanges can be reduced. This would lead to more trading and business activity in theUSstock exchanges resulting in higher volume of trade and investments and better economic growth for the country.
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