Sarbanes-Oxley Act   Term Paper ID:36984 Click to get this paper

Essay Subject: This paper discusses the Sarbanes-Oxley Act and technologies that are available to help firms ...... More...

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Paper Abstract: This paper discusses the Sarbanes-Oxley Act and technologies that are available to help firms with compliance. Also discusses the corporate accounting scandals that led to passage of the Act. Paper Introduction: Sarbanes-Oxley Act The Sarbanes-Oxley Act arose from the series of corporate accountingscandals that affected such companies as Enron and Worldcom Sarbanes-Oxley Act Named for the sponsors who developed it Democratic SenatorPaul Sarbanes of Maryland and Republican Representative Michael G Oxley ofOhio the Act was approved almost unanimously by the House and the Senatein Sarbanes-Oxley Act The Act\'s purpose is to establish new andmore stringent standards for accounting and reporting including a publiccompany accounting oversight board auditor independence corporateresponsibility and enhanced financial disclosure Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. http://www.technewsworld.com/story/43556.htmlSchecter, Brett. The extensive data collection and reporting required by the Sarbanes-Oxley Act has given rise to technologies designed to help firms withcompliance. Named for the sponsors who developed it, Democratic SenatorPaul Sarbanes of Maryland and Republican Representative Michael G. Sarbanes-Oxley Act The Sarbanes-Oxley Act arose from the series of corporate accountingscandals that affected such companies as Enron and Worldcom ("Sarbanes-Oxley Act"). TechNewsWorld web site. With thedemanding requirements of the Act, technology solutions are virtually anecessity for most companies, and technology is fortunately continuing tobe developed to provide responsive solutions. http://en.wikipedia.org/wiki/Sarbanes- Oxley_ActJohansmeyer, Tom; Brock, Stephen. http://www.wwpi.com/index.php?option=com_content&task=view&id=361&Itemi d=44 Hardwaresolutions such as Write Once Read Many (WORM) storage technologies helpcompanies ensure that their data has not been altered or tampered with(Schecter 1). Another helpful technology is on demand web analytics, which arehosted by the software vendor and allow access by employees over the web toenable companies to transfer much of their compliance burden (Johansmeyer &Brock). The Act's purpose is to establish new andmore stringent standards for accounting and reporting, including a publiccompany accounting oversight board, auditor independence, corporateresponsibility and enhanced financial disclosure ("Sarbanes-Oxley Act").It was "designed to review the dated legislative audit requirements andcontains major provisions, including certification of financial reports bychief executive and financial officers, a ban on personal loans toexecutive officers and directors, accelerated reporting of insider trading,prohibition on insider trading during pension fund blackouts, publicreporting of CEO and CFO compensation and profits, criminal and civilpenalties for securities law violations, longer jail sentences and largerfines for willful financial misstatements, prohibition of value-addedactuarial services on the part of audit firms, and a requirement forpublicly traded companies to furnish independent annual audit reports ontheir internal financial reporting controls ("Sarbanes-Oxley Act"). Oxley ofOhio, the Act was approved almost unanimously by the House and the Senatein 2 2 ("Sarbanes-Oxley Act"). "Technology: Transferring the Burden of Compliance." October 3, 2 5.Regan, Keith. Works Cited"IBM: Framework a Better Solution for Compliance." Sarbanes-Oxley Compliance Journal. Software, security, and storage firms are all makingcompliance features available to corporations anxious to ensure that theyare compliant with Sarbanes-Oxley (Regan). Sarbanes-Oxley-related software and hardware tools and contractedservices abound for helping companies comply with the Act. http://www.s- ox.com/interview/detail.cfm?articleID=971"Information Technology Portfolio Management (ITPM): SOX Compliance Through IT Rationalization and Optimization." NEC. IBM markets a special "risk and compliance" architecturethat is intended to facilitate compliance ("IBM: Framework a BetterSolution for Compliance"). http://www.necsam.com/Markets/White%2 Paper_ITPM.pdf"Sarbanes-Oxley Act." Wikipedia. July 15, 2 5. "Technology To Aid SOX Compliance Headaches Abounds." June 8, 2 5. Individual software companies have developed their own integratedsoftware solutions, such as NEC's ITPM, which includes IT governanceautomation, business continuity and disaster recovery, a computerdashboard, IT portfolio optimization, IT change management, and an IT datawarehouse ("Information Technology Portfolio Management (ITPM): SOXCompliance Through IT Rationalization and Optimization"). Many software vendors offerproducts that can be installed to keep track of Sarbanes-Oxley-requireddata, and other options such as software on demand and contracted servicesprovide options for companies that do not want to shoulder the burden ofthe Act's requirements completely on their own (Johansmeyer & Brock).Software on demand allows companies to use only the software they need andreduces the cost of compliance (Johansmeyer & Brock). "SOX Compliance - Cutting Through the Static." Computer Technology Review. 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