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THUS IS A BUSINESS ETHICS CLASS You have been asked to join the board of a...

THUS IS A BUSINESS ETHICS CLASS

You have been asked to join the board of a large corporation. From what you learned in this week's module, what would be some of the questions that you should ask and what are the answers that you are expecting? Explain the Sarbanes and Oxley Act of 2002 and impact on corporate governance.

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Answer #1

The Sarbanes-Oxley Act of 2002  is legislation passed by the U.S. Congress to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise, as well as improve the accuracy of corporate disclosures.

Its impact on corporate governance is a massive improvement in terms of corporate ethics, fair judgements, decision making etc.The SOX Act mandated strict reforms to improve financial disclosures from corporations and prevent accounting fraud.

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