Assuming that you are the controller for a publicly traded company, your CFO has asked you to prepare a presentation for the accounting department personnel and the public auditors about the importance of the SOX Act and the requirements and responsibilities that the Act establishes for the auditors in charge of an annual audit. After the presentation, the CFO wants all accounting personnel and public accounting auditors to understand the regulations and guidelines established by the SOX Act and also for you to provide recommendations as to how the Act's principles can be improved to make American corporations more ethically responsible.

Analyze how executives of corporate America have embraced the new regulations and requirements of the Sox Act while maintaining their purpose to produce a profit for investors and staying in compliance of the new rules in the industry. Explain what those new requirements are for the CEO and CFO of publicly traded companies.