Sample Thesis Paper
The Sarbanes-Oxley Act made it obligatory for the CFOs and the CEOs of all publicly owned organizations for their financial reports. Amongst many other provisions, the act also instated that personnel on executive officer or director positions were not authorized to request for nor accept loans from their company, the act completely prohibited all forms of insider trading in organizations as well.
The act made is mandatory that all internal audits were certified by outside auditors and enforced penalties for violations of the clauses of the act. The act served to strengthen the necessity for an adherence to business ethics by increasing the time period for jail sentences for violators of the clauses of the act. As a measure to avoid occurrences of the involvement of auditing parties in scandals similar to that of Enron and Arthur Anderson, the act made it illegal for accounting firms to provide any form of consultation services to their publicly held clients. The act specifically gave a framework for the creation and controlling of internal financial controls and their regular audits. By implementing this particular framework, the congress made a successful attempt at restoring investor confidence to a great extent.