Question - In regards to the implementation of the Sarbanes Oxley Act, do you believe that the cost outweighs the benefits? Would you say that the objectives of the implementation of SOX been achieved? Do you think SOX was successful in mitigating future financial crisis? Q. What were some of the concerns about SOX and its impact on: IPOS - Why? o a. o b. Foreign Firms - Why? Question - Do you think that the ability to accrue contingencies creates an opportunity for a company to manipulate their earnings? How? Why/why not? Discuss. Question - GAAP is considered to be very conservative. However, the policy regarding Net Operating Losses doesn't really support GAAP's conservative practice. A) Why does a tax/ earnings difference exist between GAAP and the IRS? B) Why then does NOL's tax benefits exist? What's the purpose of it?