Sarbanes-Oxley Act - Corporate Governance
Field of Study:
A corporate scandal involves alleged or actual unethical behavior by people acting within or on behalf of a corporation. Since
the turn of the century, the U.S. has seen some large corporate collapses and scandals due to shoddy and deceptive accounting
practices. Many companies, shareholders and employees suffered as stock prices fell and reputations were tarnished when
businesses such as Nokia, Lucent Technologies, energy, and internet-related businesses conducted questionable practices.
This course examines developments in finance and accounting and a series of corporate accounting scandals on the heels of
the Enron debacle that have led to current sweeping accounting guidelines, proposals, and legislation—most notably, the
Sarbanes-Oxley (SOX) Act. Many of the issues surrounding the SOX Act—especially Section 404, Internal Control over Financial
Reporting and Sections 302 and 906, Management Certifications —are discussed. The general issues on corporate governance and
corporate social responsibility (CSR), including stock option expensing, are also covered. The illegal practice of stock
option backdating is described as well.
After completing this course you will be able to:
- Recognize the sources of accounting irregularities, including the Enron scandal and Special Purpose Entities (SPEs).
- Identify the controversy with expensing stock options and specific issues addressed by ASC 718 (FASB No. 123R.)
- Recognize different rules and regulations put out by the FASB, NYSE, and the SEC.
- Identify key elements of corporate governance and which software and technologies can be helpful in implementing the SOX Act.
- Identify attributes of good governance, social responsibility and other ethical standards.
- Recognize the major features of the Sarbanes-Oxley (SOX) Act of 2002 Corporate Responsibility Law.
Type of delivery method:
Recommended CPE credits in Regulatory Ethics:
Final examination expiration date:
The program participant will have one year from the date of purchase to complete the course and final examination.
Web CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.