Posted: November 14th, 2020
Finance is an interesting course which can assure you of a bright future. Despite being an exciting course, Finance includes some complex topics.
One of these topics includes the Sarbanes-Oxley Act. The Act marks a transition in the corporate accounting world, making it an essential topic in Finance, but one which a student could take time understanding.
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The Sarbanes-Oxley Act (SOX) is a federal law which was enacted in 2002. SOX was put in place to regulate financial regulations and the auditing process in public companies.
Lawmakers passed the SOX act to prevent fraudulent activities and accounting errors which would adversely affect employees and shareholders. Sarbanes-Oxley Act was put in place to restore investor confidence and increase the efficiency and reliability of public companies. It was passed as an Act at a time which corporate crime was at its highest.
The Act marks an essential part of finance studies. This is because, the Act was signed and made law by President G.W. Bush, who referred to the legislation as the best reform for American Business Practices.
While SOX mainly aimed at regulating financial reporting and activities of public companies, the Act now applies to all business enterprises. Thus, private companies, non-profit organizations and other businesses need to follow the SOX provisions.
There are Sarbanes-Oxley Act penalties for business which do not comply with its provisions.
During the 21st Century, there was a lot of corporate scandals and fraud. An example of a famous scandal at the time is one about Enron Energy Firm. The Firm was among the most popular, largest and most innovative Company in the United States in 2000. However, in less than two years, there were reports on the Company’s fraudulent activities. The Company’s executives executed most of these activities.
Another famous example if that of the WorldCom, a telecommunications giant at the time. The fraudulent activities of the Company came to light, and the Company later declared bankruptcy in 2002. On filing bankruptcy, the SEC fined the corporation $750 million.
The company executive members were also sentenced due to the criminal charges. WorldCom’s CEO was sentenced to 25 years, while the Chief Financial Officer was jailed for five years.
Tyco International also has a scandal before SOX was passed into law. Like the other corporations, both the CFO and CEO were charged and convicted with fraud. They had been stealing millions from the Company by violating most business laws and falsifying business records.
With the popularity of corporate scandals at the time, SOX was drafted and proposed.
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Before SOX, the 1993 Securities Act regulated securities. The Act required a company to publish a prospectus regarding its publicly-traded stocks issued. According to the Act, the corporation, alongside its investment bank was the two parties legally responsible for ensuring information passed is correct and accurate.
Therefore, under the Securities Act 1993, despite the corporation being legally responsible, the company CEO was not. Consequently, it was quite hard to prosecute executives. They would thus “cook the book” since the rewards outweighed the risk.
The onset of the Sarbanes-Oxley Act in 2002 sought to address corporate scandals. It forbid auditors from consulting for their auditing clients. Thus, preventing a conflict of interest, which was the central issue in the Enron fraud case.
Congress passes the Sarbanes-Oxley Act to curb fraudulent activities surrounding corporate institutions. The Act holds executives, CEOs and CFOs liable for a company’s financial statements. Whistleblowers are also protected, and the auditing standard is now more stringent.
A typical assignment topic on the Act is for the student to write on the key provisions of the Act. The Act has 11 titles about two Sections- section 302, and 404.
Section 302 is on the Corporate Responsibility when it comes to Financial Reports. The section argues that CEO’s and CFO’s must go through the Company’s financial reports.
They must ensure that these reports are correctly writer, fairly represented, and free of any misinterpretations. Also, the section contains a section which states that the CEO and CFO are equally responsible for overlooking internal accounting.
Section 404 contains rules dealing with the Management and Assessment of Internal Controls. This section demands that each Company should publish all its internal accounting details as well as their financial reporting procedures. These procedures should be published as part of the Company’s annual financial reports.
Under Section 404, the corporate executives are required to personally certify the accuracy of the financial statement submitted by the Company. Thus, it makes the executives individually liable should the SEC find any irregularities or violation.
Other primary provisions under the Sarbanes-Oxley Act are;
This is a significant provision in the Sarbanes-Oxley Act. Whistleblower Protection Act protects whistleblowers from retaliation, discrimination and dismissal.
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Once the Act was proposed, there was so much criticism against it. Corporate executives felt the Act was unfairly burdening them. They saw it as a form of punishment because of the dishonesty and negligent behaviour of a few executives.
The critics further argued that the Act was politically motivated. Others argued that this new law could negatively impact business growth and that it would hinder competition.
Corporate leaders did voice their concerns about SOX, claiming that it would take too much time and money. Most of the complaint came about because of Section 404, claiming it was burdensome.
Though there was too much criticism surrounding SOX, some executives did acknowledge the need for the Act. They felt that the Act could enforce better financial practices which would benefit both the Company and its stakeholders.
Despite the contradictory views of business executives, SOX was passed into law. Over the years, the benefits of the Act have been seen. The Act has helped businesses improve their documentation, and have a more robust board oversight. Also, there is increased investor confidence.
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Irrespective of the high criticism the Act faced on inception, the Sarbanes Oxley Act remains unchanged. Studies on the SOX Act show that it has indeed helped better financial reporting.
Nonetheless, most business leaders believe that the resources needed to meet the Act’s mandate are burdensome. While there are still executives criticizing the Act, SOX is seen as the most essential part of security legislation after the 1934 Securities Exchange Act.
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