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The Week 7 Discussion begins with two separate questions. You should answer both – including one of the questions in some depth.
(1st question) Consider SOX in general – 3 parts –
1 – Discuss the impact of SOX on a company’s internal controls.
2 – Define internal controls.
3 – Discuss the basic principles for assessing internal controls.
(2nd question) The Sarbanes-Oxley Act of 2002 (SOX) was enacted in response to a number of accounting scandals in major corporations that resulted in the loss of billions of investor dollars.
1 – Choose a public company involved in an accounting scandal that precipitated SOX.
2 – Discuss whether internal controls (or lack thereof) contributed to the scandal and if SOX would have made a difference.
QUESTIONS SHOULD BE ANSWERED DIRECTLY WITH AT LEAST 1 REFERENCE PER QUESTION BUT NO MORE THAN 2 PER QUESTION