Sarbanes Oxley Essays

Sarbanes Oxley Essays-49
The consequence has been ruinous and society has required ordinance to keep corruptness.

The consequence has been ruinous and society has required ordinance to keep corruptness.In 2002, the USA senator Paul Sarbanes and Representative Mike Oxley sponsored the Public Company Accounting Reform and Investor Protection Act.It is by and large called the Sarbanes-Oxley ( SOX ) Act and was put in topographic point in order to modulate the answerability of fiscal studies and prevent hazards happening However, the deployment of SOX conformity costs a batch of money, resources and attempts.

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The creation of these laws generally follows three steps: In Step (2), regulators attempt to bring those externalities into the organization.

By passing laws and mandating compliance, they introduce an additional fear to the organizations and motivate them to implement additional security measures.

Comparability is a central feature of financial reporting systems.

Comparability is defined by FASB (2010, 19) as “the qualitative characteristic that enables users to identify and understand similarities in, and differences among, items.” The Accounting Principles Board ranked comparability as one of the most important objectives of financial reporting and Generally Accepted Accounting Principles have underscored the importance of comparability for the past four decades.

Traditionally, security products and services have been a fear sell: fear of burglars, murders, kidnappers, and -- more recently -- hackers.

Despite repeated attempts by the computer security industry to position itself as a greed sell -- "better Internet security will make your company more profitable because you can better manage your risks" -- fear remains the primary motivator for the purchase of network security products and services.Each of these laws imposes strict requirements on enterprises to establish or identify, document, test, and monitor "internal control" processes.Since most, if not all, of these processes are supported by information technology, these laws have an enormous impact on a company's network security decisions.But the adverse effects of privacy loss are borne more by those whose privacy has been breached.In economics, this is known as an "externality"; an effect of an organizational decision that don't affect the organization.Privacy laws have existed for years in Europe, but the United States has been seeing an increase in network security compliance laws in recent years.The litany includes the Sarbanes-Oxley (SOX) Act of 2002, the California Database Protection Act (SB 1386) of 2001, the Gramm Leach Bliley (GLB) Act of 1999, and the Health Insurance Portability and Accountability Act (HIPAA) of 19.For other uses you need to obtain permission from the rights-holder(s).It's been said that all business-to-business sales are motivated by either fear or greed.This is the proper backdrop to understand the recent spate of privacy laws.The goal of these laws is to bring those externalities into the decision process by adding an additional fear motivator: fear of lawsuit, fear of criminal penalties, fear of being out of compliance.

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