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Acct301 Week 2 Homework Essay

697 words - 3 pages

Week 2 Homework

1. In two to three paragraphs, describe the Sarbanes-Oxley Act and why it is important to the accounting profession. (15 points)

The Sarbanes-Oxley Act, or SOX, was passed in 2002 was created to hold publicly traded companies to standards when auditing. This was a solution to a problem because companies such as Enron, Worldcom , and Tyco were committing accounting fraud. With the SOX act there was a standardized auditing methods which all companies now follow.

The biggest problem of course was the cost in which it would take to implement SOC but what came from it seems to have worked. With standardized auditing companies can no longer break the law as easily and were held accountable. What also happened was it eased the people, knowing their jobs were safe and could not be taken over night, and this was for everyone, lets people sleep easy.

2. Name and briefly describe the five components of ...view middle of the document...

and Comm. is about filling and keeping track of anything and everything that would pass through the company to keep track of all and once again any assets. Lastly Monitoring is being able to keep track of and upgrade controls asserted over the company as to keep them fresh and updated.

3. Describe the relationship between the Sarbanes-Oxley Act and COSO. (10 points)
The relation ship between the two is simple. While the SOX act is the law in which companies follow COSO are the points in which to help maintain and hold law for the companies subject to it. They are the five bullets in which almost all companies base their internal auditing/accounting agencies use.

4. Tom Jackson is a CPA who really likes to go to Las Vegas, play poker, and bet on football games. Tom knows that the accounting profession disapproves of gambling, but because he spends a lot of time studying sports facts and how to win at poker, he feels that he is simply making educated decisions based on facts. He says that this is no different from using accounting information to buy stocks. Use the fraud triangle as a basis to comment on Tom’s gambling activities. (15 points)
Now in my opinion being a CPA or really any higher up should not gamble, unless of course it is about the company putting out an item early or going in a new direction. Now while the triangle suggest that since Tom is on his own time he can do what ever he wants. But if this a company trip than I believe he is in the wrong. Even though culture and his own rationalization may defend him in some instances there is still no excuse. As far as opportunity presents itself, well he's in Las Vegas, crime I am sure runs rampant there fore along with pressure and the opportunity of it around every corner, who can blame him, after all even poker games with friends with spare change is illegal. Now once again his motivation and pressure to gamble along with his justification goes, he may be right in that it helps him be better at his job. But seeing as how I know nothing about his job and the triangle seem to contradict itself in this situation I am not sure. If it is frowned upon in the company then he should not be there, and if he is there on business then they should send someone else. It is a slippery slope after all.

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