Conduct research to determine the impact of the Sarbanes-Oxley Act (SOX), Generally Accepted Accounting Principles (GAAP), Generally Accepted Auditing Standards (GAAS), and the International Financial Reporting Standards (IFRS) on the accounting profession and decision-making of publicly traded companies.

In discussing the Sarbanes-Oxley Act (SOX), explain the following:

• The purpose of SOX.
• Describe SOX Titles IVI.
• Explain specifically why external auditors are no longer permitted to do significant consulting for a firm that it is auditing.
• Describe why most companies expect significant added costs to their firm as a result of SOX compliance.
• Active GAAP and IFRS Convergence projects of the FASB and IASB.
• Potential impact on business and the accounting profession of changes in accounting standards or securities laws.