You should answer both - including one of the questions in some depth. Please post your response to each question in a separate post to enhance discussion.   

(1^st question) Consider SOX in general :

1 - Discuss the impact of SOX on a company's internal controls.

2 - Define internal controls.

3 - Discuss the basic principles for assessing internal controls.

(2^nd question) The Sarbanes-Oxley Act of 2002 (SOX) was enacted in response to a number of accounting scandals in major corporations that resulted in the loss of billions of investor dollars.

1 - Choose a public company involved in an accounting scandal that precipitated SOX.  Try to NOT pick a company that has already been discussed by a classmate.

2 - Discuss whether internal controls (or lack thereof) contributed to the scandal and if SOX would have made a difference.