After reading more into chapters 19 and 20, I believe the Sarbanes-
Oxley Act was created in order to benefit individuals in the
profession. As stated in chapter 20 the main objective of the act is to
not only deter from future corporate fraud but to restore investor
confidence in the securities market (Messier, 2019). Many of the
rules and regulations of this act are created by SEC rather than the
government however, not all of the rules and regulations in this act
are completely the same as SEC. Something I find to be important is
how the act makes it clear that you will be responsible for your
wrongdoings, this will allow employees in the field to put all their
effort in to make sure everything is correct and follows all the rules
and restrictions it needs to (Messier, 2019).
b The act puts many things in place, from establishing the public
company accounting oversight board to complete all their duties to
things such as what auditing standards are required (H.R.3763 -
107th Congress, 2022). For the most part the legal liability legislation
of the act is mainly changes to already existing laws. In this case the
act helped to improve the laws rather than just get rid of them and
create completely new ones.
References:
H.R.3763 - 107th Congress (2001-2002): Sarbanes-Oxley Act of 2002.
(n.d.). Retrieved August 31, 2022, from
https://www.congress.gov/bill/107th-congress/house-bill/3763
Messier, W. Glover, S. Prawitt, D. (2019). Auditing & Assurance Services:
A Systematic Approach 11th Edition. McGraw Hill Education
