Assignment Details

In previous accounting classes, you studied the SarbanesOxley Act of 2002 (SOX) and the impact that it has had on publicly traded companies and the external auditors who audit them. Although SOX addressed the corporate frauds in the U.S. economy, government and not-for-profit (NFP) entities have benefited from it as well. Some states have adopted their own version of SOX to assist in the governance of NFP entities.

For this unit, do the following:

• Explain the different parts of SOX that you think would affect government agencies and NFPs and how you think it could also help them prevent fraud

Review your peers' responses, and share your thoughts regarding the elements of SOX.

Share additional ideas as to how SOX stops fraud in the organizational environment.

Share examples of how SOX has helped stopped fraud at your job.

Share thoughts about the following:

• The importance of a whistleblowing hotline
• Accountability issues that might be considered fraud
• The importance of internal controls and keeping them updated