Go to the SOX website and watch the provided video. Become familiar with the site by researching the content and provided information. Once you have researched the site and video, respond to the assigned questions.

https://www.soxlaw.com/

https://www.youtube.com/watch?v=xW9pSAwaeO0

Questions

1. Explain the objective of the Sarbanes-OxleyAct.

2. Describe the purpose of Section 401.

3. Describe Section 802 of the SOX Act. Discuss thepenaltiesthatwrongdoerscan receive for falsifying financial records and audits.

4. Are the penalties and finesoftheSOX Act enough to deter themisrepresentation of financial statements and improper audits? Explain the rationale for your opinion.

5. Explain why federal regulations and oversight are necessary in the accounting industry.