• Paper Requirement:Paragraph 1: Background • Write a very brief history of the company - no more than 200 words in length (marks will be deducted if longer).Paragraph 2: The Scandal/wrongdoing• In your words describe in this paragraph – no more than 600 words what was the scandal, any accounting falsification, and the specifics of the scandal. • You are required to use the accounting and business terminology covered in this course when describing the scandal. Paragraph 3: The Auditors (No more than 300 words)• Identify who the company’s external public auditors were.• Explain why the auditors did not find the falsifications and properly notify the public accordinglyParagraph 4: Legal Actions Taken (No more than 400 words)• Describe what if any legal actions were taken against management and/or the public auditors – ensure to include all fines and jail time. • If no legal action taken, then to earn marks here – discuss in your opinion if justice was served or not. Paragraph 5. Sarbanes-Oxley Act, 2002 (no more than 700 words)• Research both your textbook and the web to learn what the Sarbanes-Oxley Act (SOX) is and provide details of some of the critical areas contained in that Act. Specifically, answer the following: • 1. What is the main purpose of having such an Act? • 2. Cite and explain four different sections of the act that would specifically prevent a future scandal such as the one you are addressing from ever happening again. • 3. Do Canadian Public companies have to follow SOX? Why or why not? Reference Page: • All references, including the Wikipedia, textbook, and/or the Sarbanes-Oxley ACT you use to find the information on your scandal, must be provided on a references page and written in APA style. In-text citations must also be provided using APA throughout your document any time you provide data or analysis from external sources. Any assignment that does not include references and in-text citations will be subject to academic sanction as per Algonquin’s policy AA20 on Plagiarism.Formatting requirement: Font Size: 12Font Style: Calibri (body)Double spacing Grammar and spelling check