Federal Compliance Law - Coursework Example

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The law strives to protect the investors by enhancing more transparency and accountability of investments. Every company has to disclose its accurate financial records, which depict their market value. Signatures from senior…
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Federal Compliance Law
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The Sarbanes Oxley Act The Sarbanes Oxley Act has changed corporate culture. The law strives to protect the investors by enhancing more transparency and accountability of investments. Every company has to disclose its accurate financial records, which depict their market value. Signatures from senior people in the companies should approve the documents (Zhang, 2007). The act is expensive as companies like General Electric Experts have spent more than thirty million dollars annually in order to comply with the law. The law has served to improve conduct and make financial statement better.
The law ensures transparency in the mapping out of money flow and checking information technology systems. This is helping big companies in winning investors but for the small companies the price is too costly. Also the compliance process is complex and long (Engel, Hayes, & Wang, 2007). This is causing companies to spend too much of their time in striving to get the certification, instead of focusing on more important strategies that are required for the businesses operation and growth.
I think the misconduct with regard to violation of securities laws continues because the crimes have existed since a long time ago. Violations like financial misstatement and financial fraud will not stop because they involve a lot of money which is very tempting to people. It is also very difficult to stop these crimes because the happen worldwide in the web (Romano, 2005). This makes it hard for the security police to stop all of them. All companies can do it put themselves in positions which will protect them from such crime.
Ellen Engela, R. M. (2007). The Sarbanes–Oxley Act and firms’ going-private decisions . Journal of Accounting and Economics, 116-145.
Romano, R. (2005). The Sarbanes-Oxley Act and the Making of Quack Corporate Governance. Faculty Scholarship Series.
Zhang, I. X. (2007). Economic consequences of the Sarbanes–Oxley Act of 2002 ☆. Journal of Accounting and Economics, 74–115. Read More
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