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| THE SARBANES-OXLEY ACT
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costs, benefits and business impacts
To order this title, and for more information, click here
By
Michael Holt, Senior Technical and Business Documentation specialist, Victoria, BC, Canada
Description
The Sarbannes-Oxley Act (SOX) is a mandatory requirement for all listed corporations in the US, whether foreign or not. Compliance is
not an option. Other countries are developing similar legislation so the books value is international in scope. SOX is a hot topic and
the effects are just beginning to be felt world-wide. This new book goes beyond the implementation phase of SOX and looks at the reaction
to the Act in terms of costs, benefits and business impacts. This book is for Senior Managers in the Business and Financial/Accounting
Communities who want/need to know what the reaction of business and government is to the SOX legislation, what it is costing and how
the effects are penetrating through the business environment.
Mike Holt presents a comprehensive review of the impact that Sarbanes-Oxley
legislation has had on business, the financial community, governments and the public since its inception in 2002. The Sarbanes-Oxley
Act has been somewhat successful, but not completely and the cost (well over a trillion dollars) might be considered too high a price
to pay for the gains. This book takes a hard look at the costs, benefits and other impacts as well as at what influential and prominent
financial, government and business leaders think about it now.
Audience
Senior Management in the Business and Financial/Accounting Communities, including CFOs (Chief Financial Officers); CIO (Chief Information
Officers); Senior Management (Management Accountants) and Boards of small to medium sized corporations (and emerging companies anticipating
an IPO or acquisition/merger in the future) both in North America and the UK/Europe.
Contents
Chapter 1. Background
The history and overview of the Sarbanes-Oxley Act of 2002 and the events that precipitated it. Enron, WorldCom.
A description of the expensive bits, the Internal Control System.
Chapter 2. The impact on large corporations.
The expense, disruption
of operations, affects on clients, suppliers. Trends for corporations to buy back their stock and go private to avoid SOX. Why? What
about the benefits? Improved operations, communications, efficiency.
Chapter 3. The impact on small corporations.
The ability to afford
extensive IC systems, disruptions, increased rigidity demanded by the ICS and its effect on creativity, innovation, worker attitudes
and job satisfaction.
Chapter 4. The impact on the financial community.
The effect SOX has had on brokers, stock markets and the financial
community in general.
Chapter 5. The impact on accountants and auditors.
The extra burdens, responsibility, integrity. Liability of auditors.
The huge increase in business for them. Can they justify the rapidly increasing costs of audits? Risks and benefits to corporate accountants,
CFOs. Is the CFO now the most important person in the company? Is he paid enough?
Chapter 6. The impact on governments.
The world wide
effects of SOX. How are other governments responding? Can they afford not to? Does the SEC challenge the sovereignty of other countries
by its interpretations and sanctions?
Chapter 7. The impact on the public.
How does SOX affect the average person on the street? How
about shareholders? Who's going to pay for all this?
Chapter 8. Soxpacked.
?Soxpacked? v. to be heavily impacted by the SOX act of
2002. (derived from the sports term for being whacked heavily, usually in the face, by a ball hit or thrown by an opponent).
The charges
and cases resulting from SOX already, such as the ?Scrushy? $2.7 Billion fraud trial (he got off), but others that are in the works.
Are we going to see high profile actions? How about small companies who are trying to comply?
Chapter 9. Conclusions.
Is SOX going to
stick? Will it be changed? Will it solve the problems? What could have been done differently? What if Enron and WorldCom had not been
?busted?, would they have recovered, would their shareholders be better off? Is the cure worse than the disease? How is a CEO of a large
corporation supposed to ?know? the financial and process situation in his company and all its subsidiaries in enough detail to be able
to sign off the annual reports with confidence – most of them know little of the esoteric financial systems used by their companies.
They rely on their CFO and senior financial managers to keep them informed of trends and major items and leave the details to the accounting
department?
| Bibliographic details |
Paperback, 224 pages, publication date: NOV-2007
ISBN-13: 978-0-7506-8023-3
ISBN-10: 0-7506-8023-7
Imprint: BUTTERWORTH HEINEMANN
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| Price and Ordering |
Price:
USD 79.95
EUR 54.95
GBP 42.99
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Books and book related electronic products are priced in US dollars (USD), euro (EUR), and Great Britain Pounds (GBP). USD prices apply to the Americas and Asia Pacific. EUR prices apply in Europe and the Middle East. GBP prices apply to the UK and all other countries.
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076/708
Last update: 25 Nov 2009
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