Choose a federal law Research Paper Example | Topics and Well Written Essays - 3750 words

Choose a federal law - Research Paper Example This policy paper will identify the history of the Act; trace its implementation, its impact on business and society as well as its strengths and weaknesses. Additionally, the paper will provide some recommendations for future policy makers. The legislation which came to force in 2002, has 11 major elements. The key provisions that this paper will analyze their implementation include Sarbanes-Oxley Sections 302, 303, 401, 404, 802, 906 and 1106. Sarbanes- Oxley was named after its sponsors Paul Sarbanes and Michael Oxley who were US Senators and Representative respectively. With the implementation of SOX, it became mandatory for top managements to personally certify the accuracy of the information that is provided by their organizations. Between 2000 and 2002, large corporate frauds occurred in various firms due to variety of complex factors. In addition to Worldcom, and Enron as noted earlier, other frauds included Adelphia, Tyco International, and Peregrine Systems. Apart from the conflict of interest that emanated from the frauds, they also resulted into problems during the incentive compensations practices. Through the analysis of the infamous frauds, the pioneers attained the ground for the introduction of the bill leading to the passage of SOX in 2002. According to Senator Paul Sarbanes, the market had problems that resulted to loss of hundreds and trillions of billions in dollars. Some of the notable issues that led to the mega frauds included lack of independence for the auditors, inadequate accountant’s oversight, conflict of interest on the part of stock analysts, weak corporate government procedures, ineffective disclosure procedures and providing low funds to the Securities and Exchange Commission. Before the introduction of SOX, auditing firms which are noted as watchdogs for the investors did not perform auditing or any consulting

How and why did the U.S. emerge as a world superpower between World Essay

How and why did the U.S. emerge as a world superpower between World War Two and 1991 - Essay Example America gained its super power status immediately after the Second World War which saw America and the Soviet Union emerges stronger from the war than before they entered. The period between world war two and 1991 saw major events take place that led to the decline of previous great powers to the emergence of new superpowers. This was the â€Å"cold war† period. Cold war was a state of military and political tension between western bloc and eastern bloc. The western bloc was led by America and its NATO allies while the eastern bloc was led by the Soviet Union and its allies who were in the Warsaw pact. The war was described as â€Å"cold† because it was marked with no large scale direct fights but with regional wars that were supported with the two blocs. Some of the countries that experienced wars were Afghanistan, Vietnam, and Korea. Cold war was defined by several events that prompted the two superpowers to demonstrate their influence in their allied countries. Some of the events that shaped this war were consolidation of the eastern states by the Soviet Union which saw America retaliate by giving financial and military aid to the anti-communist side in the Greek civil war. Other events that marked this period are the Chinese civil war, Korean War, Cuban missile crisis, berlin crisis, Suez crisis and the Vietnam War. These events shaped the cold war and hence bringing to the fore the emergence of America as the superpower with the dissolution of the Soviet Union. The subsequent paragraphs will explore how and why America gained the superpower status between the period after world war two and 1991. Most of the war was fought far away from America’s boundaries. This gave it a competitive advantage over the other powers like Britain, France, and Germany who were close or experienced the war on their soil. With the war taking place away from their national boundaries, America did not suffer major losses and destruction