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Instructions
Compare and contrast the views of management and accountants regarding the changes required by the Sarbanes-Oxley Act on internal controls and how these changes have affected corporations, accounting firms, and investors.
Answer
Sarbanes-Oxley Act: Views and ImpactFollowing the cases of fraud that did exist in public companies, the Sarbanes-Oxley Act was created to curb fraud in such institutions. The managers became aware of the mandate bestowed upon them to impose suitable internal controls and techniques. This is one way to ensure that financial interactions and events are monitored, upholding integrity in financial transactions between organizations and investors or other concerned entities (Gu & Zhang, 2017). Still, the management should disclose its controls that internally address handling of finances. Management is more confident in the nature of accounting that happens when the Act is activated. They are at ease; knowing that the Act will control how the accountants behave. With the use of the Sarbane...
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