Question

Case Summary16. 6: Leon v. IDX Systems Corporation, 464 F. 3d 951 (9th Cir. 2006) 1. Is Leon protected under the SOX Act even if there is no evidence that he actually had information about unlawful IDX activities? 2. Could Leon be in violation of the SOX Act document destruction rules for deleting files? Case Summary 18. William Paxton v. Wal-Mart Stores, Inc., 176 Ohio App. 3rd 364 (2008) 1. What stqandard was used to determine whether or not the discharges constitured a violation of the Clean Air Act? 2. What common law doctrine could Black have possibly pursued in an attempt to compel Stroehmnn to cease polluting?

Answer 1

Implications of Sarbanes Oxley act ranges from publicly held companies and their audit firms and it impacts all kinds of financial firms. 2 of the implications of Sarbanes Oxley Act are:

• Second Partner Review and Approval of Audit Reports. The regulatory board will adopt standards which require auditors to have a thorough second partner review and approval of every audit report of any public company.
• Management Assessment of Internal Controls. Management must now assess and understand the effectiveness of the internal control structure and procedures adopted by people who are doing financial reporting.