SOX and Standard Setting

question 27

Essay

SOX and standard setting
After several highly publicized accounting scandals in the U.S. such as Enron, Sunbeam, and WorldCom, all of whom, coincidentally, were clients of the former public accounting firm of Arthur Andersen, the U.S. regulators enacted the Sarbanes-Oxley Act (SOX). Pressure was put on Canada to follow a similar course. Explain what Canada has done to make public companies more accountable.

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Definitions:

Narrative

A spoken or written account of connected events; a story or a representation of a particular situation or process in such a way that it reflects or conveys a particular point or lesson.

Triumph Of The Barberini

A celebrated fresco symbolizing the power and influence of the Barberini family, showcasing the allegorical victory of Divine Providence.

Pietro Da Cartona

A misspelling or incorrect rendering of the artist Pietro da Cortona, a leading Baroque painter and architect of the Italian school, known for his frescoes and church design.

Palazzo Barberini

A 17th-century palace in Rome, Italy, that showcases Baroque architecture. It now houses the Galleria Nazionale d'Arte Antica.