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Assignment 1: Impact of the Sarbanes-Oxley Act (SOX) - Essay Example

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The Act is a mandatory law that most businesses should follow whether large or small. The act is a response to numerous business scandals in the business world. The…
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Assignment 1: Impact of the Sarbanes-Oxley Act (SOX)
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Download file to see previous pages The United States government holds that most businesses should comply with the law. Adherence to the law helps the business to carry out efficient audits.
Most businesses want to become public traded companies to increase additional capital for their projects (Bragg, 2009). There are many laws that guide and protect companies in their quest to become a public traded company in the United States of America. As the CEO, the decision to go public automatically will raise the financial capital of the business. The company will easily raise private funds to benefit them in achieving their goals. Secondly, businesses that successfully manage to go public become recognizable by the shareholder. It is because the progress of the company will be under scrutiny. The company would become credible because of the recognition it gets from the becoming a public trading company. Lastly, the company will have the ability to attract qualified personnel to the job opportunities available. The company will have the ability to pay for bonuses and allowance for the highly qualified individuals. Having a team of qualified individuals in the staff enables the company to achieve its objectives (Bragg, 2009).
The company can achieve the same goals if they decide to remain private limited company in the United States of America. Having the ability to get financial backup is crucial for the success of the business. The company can sell ownership shares of the company to raise additional capital (Bragg, 2009). The company can raise money for the internal projects by raising private funds. Accessing of private funds for the company would increase the capital available for development plans for the company. Employees and other stakeholders can get a portion of the company for the money they invest in the company. The company decisions to stay private can enable them attract ...Download file to see next pagesRead More
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