Sarbanes-Oxley Act Impact on Foreign Firms

This assignment explores the influence of the Sarbanes-Oxley Act on the appeal of US capital markets to foreign companies. It requires students to critically examine existing research, employing relevant methodologies like structural assessment and review of accounting studies, to understand the Act's effects on corporate investment decisions and financial reporting behaviors of foreign firms.

Since the introduction of the Sarbanes
Oxley act has it been successful

TABLE OF CONTENTS
1INTRODUCITON.........................................................................................................................3
Questionnaire ..................................................................................................................................5
2Literature review............................................................................................................................6
3Research methodology.................................................................................................................10
Discussion evidence and analysis..................................................................................................12
7Conclusion and recommendation.................................................................................................21
REFERENCES..............................................................................................................................22

1INTRODUCITON
Background of law
In past few years many cases of fraud are observed in case of large business corporations.
Due to news of involvement of companies in such kind of fraudulent activities stock market
perform negatively and share price declined sharply in a single day (Brochet, 2010). Due to this
reason investors loose a huge amount of money on shares. Sometimes firm winding up after
doing fraud and due to this reason creditors loose their money and employees loose their job
from the firm. In order to bring check on such kind of fraudulent activities US senate bring a law
which is also known as Sarbanes- Oxley act (The Sarbanes-Oxley Act, 2006). The name of this
act is determined on the basis of US senator Paul Sarbanes and US representative Miachael G.
Oxley. This law has great significance for various entities because it help government and people
in ensuring the companies are not involved in any fraud activity and they are not manipulating
their accounts. In this law there are about eleven parts and each sub-part contain various
provisions related to the research topic. These sub parts contains provision related to the
corporate board responsibility, criminal penalties and requirements of securities and exchange
commission is also determined in this law. Various provisions related to the role of auditors in
auditing are also encompassed in this law (Hostak and et.al., 2013). Hence, it can be said that this
law has due importance and all measures are taken in this law in order to make sure that again
such kind of fraud activities will not take place in the USA corporations. There are number of
strict provisions in this law and it is assumed that Sarbanes- Oxley act is very effective in
controlling fraud activities in the organizations.
Rationale of research
This research was conducted in order to measure effectiveness of the Sarbanes- Oxley
act in curbing and controlling chances of occurrence of fraud in USA. It has been observed and
find out in published articles that previously also many laws were prepared in USA and in
international world but even though fraud are taking place in well known organization on which
people believe too much in terms of their loyalty towards their work (Ahmed and et.al., 2010).
There are many tight provisions in this law and at first look at previsions of this law it seems that
it will be effective in prevention of manipulation of accounts. This research was necessary to
conduct in order to identify the extent to which various people believe that this law is effective.
Research results will show whether people believe that since inception Sarbanes- Oxley act is

successful. Hence, it can be said that this research have a great importance for different type of
people.
Aims and objective of research
Aim To identify the extent to which Sarbanes- Oxley act is successful since its inception.
Objectives
 To identify that there are strict provisions related to the auditor independence, corporate
responsibility and enhanced financial disclosure in the Sarbanes- Oxley act.
 To measure the effectiveness of studies and reports in providing valuable inputs to the
comptroller general and SEC.
 To measure the extent to which white collar penalty enactment is effective in curbing
practice of manipulation of accounts.
 To measure the effectiveness of corporate tax return and corporate fraud accountability
provisions of Sarbanes- Oxley act.

Questionnaire
Name _________________
Age _________________
Gender ________________
Do you know about Sarbanes- Oxley act
 Yes
 No
There are strict provisions related to auditor independence in Sarbanes- Oxley act
 Highly satisfied
 Satisfied
 Neutral
 Dissatisfied
 Highly dissatisfied
Sarbanes- Oxley act make top managers responsible for fraud committed by company
 Yes
 No
Do you think that determination of accountability of top managers will lead to check on fraud
practices in company's.
 Yes
 No
Enhanced financial disclosure are effective tool to control chances of fraud in organization.
 Highly satisfied
 Satisfied
 Neutral
 Dissatisfied
 Highly dissatisfied
Studies and reports produced by comptroller general and SEC are helping government in bring
changes in its policies.
 Yes
 No
White collar penalty enactment is effective in curbing practice of manipulation of accounts.

 Highly satisfied
 Satisfied
 Neutral
 Dissatisfied
 Highly dissatisfied
Do you think that freezing of transaction or payment is 100% effective in preventing
implementation of fraud at ground level.
 Yes
 No
Provision of disclosure by security analyst about disclosure of knowable conflict of interest will
100% help in bring fraud done by companies on ground level.
 Yes
 No
2Literature review
There are eleven provisions in this law that are used to prevent fraud practices in the
company and its accounts. According to DeFond and et.al, (2011) some of the provisions like
auditor independence, enhanced financial disclosure and corporate responsibility are the
important part of Sarbanes- Oxley act. Auditor and financial disclosure are two main things that
helps in ensuring that final accounts of company are perfect and there is transparency in
company operations. If there will not be proper disclosure of the company accounts then all
things or transactions related to company accounts will not be in relevant schedules of the annual
report. Investors and other stakeholders will not comes to know about the areas where firm is
involving in fraud. In this act various provisions related to the financial disclosure are available
and they are very effective. Kang, Liu and Qi, (2010) claims that financial disclosure section of
this act describes the rule and regulations that needs to be followed for reporting financial
transactions in the company accounts and annual report. This include method of reporting of
transaction which encompassed off balance sheet transaction, format that will be followed for
reporting of company accounts and schedules related to same in the firm annual report. The way
in which stock transactions will be reported in the company accounts is also determined in this
act. As per this act firms internal control system need to ensure the accuracy of financial report
and disclosures that are made in same. It is also mandatory to report any change in the financial

condition of the firm in its annual report and reviews by the SEC or security and exchange
comissio or its agents of corporate report.
According to Singer and You, (2011) earlier it was find out that external auditors are not
getting proper independence in their audit work and conflict of interest arises at the workplace.
In this section of the act there are nine sections and standards or parameters for ensuring
independence of external auditor at workplace are determined. In this act new auditor approval
requirements, audit member rotation and reporting rules for auditor are also determined clearly.
Hence, it can be said that in this section of the act maximum attempt is made to ensure
independence of auditors on their own work. Apart from this other rules and regulations are also
prepared related to auditors. As per this act auditing companies can not provide non auditing
services like consulting to the clients whose accounts they are going to audit. Hence, by doing so
chances of involvement of auditor in fraudulent activity of the company are completely
eliminated.
Lobo and Zhou, (2010) claims that title studies and report section consist of five sections
in Sarbanes- Oxley act. These sections requires that comptroller general and security and
exchange commission perform various studies time to time and report finding of same. As per
this section of the mentioned act study and reports must include the effects of consolidation of
public accounting firms and information about the role of crediting rating agencies in relation to
various activities of security market. This section of act also cover issues like breach of rules and
regulations related to the security and investment bank assistance to the company's in terms of
manipulation of company accounts. According to Bedard and Graham, (2011) reports prepared
by comptroller general and security and exchange commission provide valuable inputs to the
government regarding performance of companies and security market entities in terms of
complying with already determined rules and regulations. If these report will not be prepared
then government will not come to know about loopholes in its rules and regulations and areas
where it needs to prepare new guidelines as well as rules and regulations in order to prevent
chances of manipulation of accounts and fraud in the company's and security market. Thus, there
is great importance of reports prepared by comptroller general and security and exchange
commission.
Bargeron, Lehn and Zutter, (2010) hold that credit rating agencies play a very important
role in the security market. This is because credit rating agency give rating to the specific

security and same is taken in to account by the people for making their investment decisions. If
rating of securities will not be done in proper way then investor by relying on available
information will make wrong investment decisions. Hence, it is very important that credit rating
agency understand its role and by doing thorough analysis must give appropriate rating to the
specific security. In compliance to title seven of Sarbanes- Oxley act time to time security and
exchange commission as well as comptroller general conduct studies and identified whether
credit rating agencies are working properly and performing there responsibilities in proper way.
Thus, it can be said that this provision of the Sarbanes- Oxley act help government in ensuring
that credit rating agencies are working properly and also help in identification of factors on
which government needs to pay special attention in order to improve working of credit rating
agencies.
White collar crime penalty enactment is another important part of the Sarbanes- Oxley
act. Under this section of the act penalty is charged on those employees who are involved in the
fraud and unethical practices of the firm. As per this section of the act heavy penalty is charged
on those employees that are involved in malpractices. Along with this sentencing guidelines in
terms of relevant employees in the firm is also determined in this section of the Sarbanes- Oxley
act. In same section of the Sarbanes- Oxley act failure to certify corporate financial reports is
also treated as criminal offense from government side. It can be said that this section of the law
contain many important provision that ensure that if anyone will find out to be involved in
manipulating company accounts he will get strict punishment from the relevant authority of the
government. According to Camp and Schnader, (2010) it is very important to give very high
level of punishment to those that are involved in unethical practices in an organization. If this
will not be done then people will more and more involved in such kind of wrongs activities and
more cases of fraud will be observed in future. It has been observed in many nations that that
there are liberal rules and regulations for those who are found culprit in fraud activities. Due to
liberal rules and regulation culprit person get short duration punishment and after completion of
same they again get involved in such kind of wrong activities. Hence, it is very important to
prepare strict rules and regulation in terms of employee imprisonment and charge of penalty. If
this will happen then culprit people will fear from tough penalty and punishments and they will
less involved in fraud activities. Result will be that less people will be involved in fraud activities
and few cases of manipulation will comes in existence in future time period. According to

Gao, (2011) there are many people who are favoring the provisions related to punishment and
penalty of culprit people. Relevant people think that such kind of measures will certainly prove
effective in the nation. Contrary to this Vakkur, McAfee and Kipperman, (2010) state that there
must be not be such high level rules and regulations related to imprisonment because this spoil
entire life of an individual. As per provision of this act person is sentenced to prison and have to
pay heavy amount of penalty. This indicate that an individual face double punishment for wrong
act he do at the workplace. As a result of this provision culprit person life get spoiled and his
economic condition also get deteriorate. Such kind of thing not only affect individual but also put
negative impact on his family members social life and economic condition. Hence, provisions of
punishment under Sarbanes- Oxley act need to be reviewed again.
According to Cohen, Krishnamoorthy and Wright, (2010) chief executive officer must
sign company tax return and this create liability for the mentioned officer to make sure that
accurate amount of tax is paid to the relevant authority. In other words it can be said that chief
executive officer sign a document of company tax return and it means that he is ensuring
regulatory authority that firm is paying right amount of tax. In any case, if it is find out that firm
is not paying reasonable amount of tax then chief operation officer will be answerable to court
for failure of company in making payment of appropriate amount of tax to the tax department of
the nation. Hence, it can be said that this rule in the Sarbanes- Oxley act is ensuring that firm top
managers will take care of the fact that firm is not making any sort of manipulation in tax
payment.
Kalelkar and Nwaeze, (2011) claims that corporate fraud responsibility is very important
section of the law. This is because under this if it is find out that firm was involved in multiple
fraudulent activities then all such activities will be combined to arrive at final amount of penalty
which will be charged by relevant authority on firm. Under this provision security and exchange
commission have a right to freeze transaction that are very huge in nature and unusual. Hence, it
can be said that this act help government in controlling fraud act that is currently in progress and
does not execute completely at ground level. So, from entire discussion it can be concluded that
there are multiple provisions in the Sarbanes- Oxley act that are helping government in keeping
effective control on fraud activities.

3Research methodology
Following are the components of the research methodology that is used for conducting
this research.
Research design and approach- There are three types of research design that can be used to
conduct research namely exploratory, descriptive and experimental research design. Exploratory
research design is used when researcher needs to explore data and he does not know anything
about research topic. Whereas, descriptive research design isn used when researcher knows
something about the research topic but he wants to know something more about the research
topic (Kumar and Phrommathed, 2005). Experimental research design is used to do some
experiment on subject of the research. Here literature review on the research topic is done and lot
of information is gathered about research topic. Hence, descriptive research design is selected for
the research. There are two types of approach for conducting research inductive and deductive
approach. In present study inductive approach is used for conducting research and by performing
several steps this study is completed.
Sampling- There are different sampling methods like simple random sampling, stratified
sampling and convenience sampling. All these methods are different from each other. Out target
population belongs to USA because this is related to the mentioned nation (Neuman, 2005). In
this method simple random sampling is used and under this from population sample of 10
respondents is taken who are professionals and served in middle level position of company. This
sampling method is selected because on the basis of different demographic features sample units
were not needed in order to conduct this research. Out sampling strategy means that focus is one
collecting reliable data from right type of people.
Data collection tools and instruments- In order to collect data questionnaire will be used and
same will be distributed among different respondents. Questionnaire will be prepared online and
will be distributed among the respondents either through social networking site like Facebook or
Email (Odom, 2005). In this way data will be collected easily from the respondents and they will
fill questionnaire when they we will feel themselves free from their work. Phone call is another
method that is used by researcher to collect data from respondents if sample size is small. But
this method is not employed in present study because in telephone conversation is done for short
duration. Hence, this method was not suitable for research. Interview is another method that can
be used in the research but this method is also not used in present study because it is very hard

task to get appointment form professionals for interview (Marczyk, DeMatteo. and Festinger,
2005). Hence, this was also not suitable method for conducting present study. So, questionnaire
is used for data collection in order to conduct research.
Procedure- In present study both primary and secondary data is collected. In order to create
broad understand on research topic secondary data was collected first of all and in this regard
various literature's are reviewed as can be observed from review of literature section of the report
(Whitten, 2007). After collection and review of secondary data broad understanding get
developed about research topic and same is used to develop questionnaire for collecting primary
data. In order to collect primary data questionnaire is send to the 10 people who are
professionals. Data collected from them is tabulated and coding of same is used for data analysis.
On the basis of analysis of data conclusions are derived from the research.
Gantt chart: It is the graphical presentation which states relationship between the tasks which
researcher has to perform for the accomplishment of project (Peffers and et.al, 2007). Gantt chart
clearly entails the start and finish time of the project. On the basis of this aspect, researcher is
able to perform the activities in more systematic and co-ordinated way. Furthermore, it also
assists researcher
Activities 1
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Drafting the
research
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Collection
of primary
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Secondary
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Formation
of data is the

systematic
manner
Analysis of
data
Presenting
the outcome
Closure of
5the project
in performing the activities within the suitable time frame.
Ethical consideration: Researcher can raise the significance of the study by following all the
ethical aspects and considerations. For this investigation, researcher will collect data from both
primary and secondary sources (Clandinin, 2006). In this, researcher will maintain ethical aspect
by encouraging them to fill the questionnaire to the full extent. Researcher does not compel
respondents in relation to the filling of questionnaire. Besides this, researcher will gather data
from the authenticate sites such as copyright protected. Moreover, authenticate sites offer more
reliable information to the scholar which helps them in drawing the valid conclusion.
Data analysis: It is the most important part of the research which represents the suitable solution
of the investigation. Data analysis techniques are highly influenced the types of research which is
undertaken by the scholar. In the present study, researcher undertakes qualitative investigation
which helps them in evaluating the level to which Sarbanes- Oxley act have attained success
from its inceptio (Mackey and Gass, 2015)n. Thus, to analyze the qualitative data researcher
selects thematic perception test. Under this technique, researcher prepares suitable theme on the
basis of questionnaire. This technique clearly furnishes information about the viewpoints of
respondents. It is the most effectual technique through which one can analyze the qualitative data
in an effectual manner.
Discussion evidence and analysis
Do you know about Sarbanes- Oxley act ?
Yes 9
No 1

Interpretation
From table given above it can be observed that most of respondents in the research know
about the Sarbanes- Oxley act. Out of 10 respondents 9 state that they know about the mentioned
d act. Only one respondent state that he does not know anything about the Sarbanes- Oxley act .
This indicate that there is awareness about this act among the professionals and they know lots of
things about this act. Hence, it can be said that this law become effective at ground level an can
play decisive role in curbing fraud in organization.
There are strict provisions related to auditor independence in Sarbanes- Oxley act.
Highly satisfied 5
Satisfied 2
Neutral 0
Dissatisfied 1
Highly dissatisfied 1
Yes No
0
2
4
6
8
10
Column C

4
Interpretation
It can be observed from the figures that most of respondents are agree on the fact that
there are strict provisions related to independence of external auditors in Sarbanes- Oxley act.
Out of 9 respondents 5 are highly satisfied from the fact that provisions related to independence
of external auditors in the firm are highly effective. 2 respondents are satisfied from same fact.
Only one respondent is dissatisfied from this fact and same number of respondent are highly
dissatisfied from the given fact. Hence, it can be said that most of respondents think that this law
to large extent is giving maximum independence to the auditors in their audit process that is
happening in an organization.
Enhanced financial disclosure are effective tool to control chances of fraud in organization.
Particulars Viewpoints of respondents
Highly satisfied 4
Satisfied 2
Neutral 1
Dissatisfied 1
Highly dissatisfied -
Total respondents 9
5
2
1
1
Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied

From the outcome of survey it has been identifying that 44.44% professionals are highly
satisfied with the disclosure of financial statements. Moreover, there is less probability that
audited financial statements offer false information. Thus, by taking into account such
statements investors become able to make most effective investment decisions. It is one of the
main aspects due to which 22.22% supports this system. On the contrary to it, remaining
respondents are not satisfied with the Sarbanes- Oxley act.
Reports which are produced by the comptroller general and SEC provides assistance in
introducing changes in the policies
Particulars Viewpoints of respondents
Yes 7
No 2
Neutral 9

On the basis of the above table it has been assessed that reports of comptroller general
and SEC proves to be more helpful for the government. This reports contains information about
the varied financial aspects. By taking into consideration this aspect government is able to make
necessary changes in an appropriate manner. Only 2 respondents does not support this aspect.
Most of the respondents agreed that White collar penalty enactment is more effective in curbing
practice of manipulation of accounts.
Particulars Viewpoints of respondents
Highly satisfied 5
Satisfied 2
Neutral 1
Dissatisfied 1
Highly dissatisfied -
Total respondents 9
Yes
No

Highly satisfied 5
Satisfied 2
Neutral 1
Dissatisfied 1
Highly dissatisfied -
Total respondents 9
By doing survey it has been assessed that 5 professional are highly satisfied with the
White collar penalty enactment system. High penalties and charges restricts higher level
employees to make fraudulent activities. 2 respondents claimed that this system peroxides help
in develop the positive and healthy environment at workplace. On the contrary to it only 2 people
are snot satisfied with this system.
Do you think that determination of accountability of top managers will lead to check on fraud
practices in company's.
Yes 8
No 1

5
Interpretation
Research results shows that most of respondents think that determination of top managers
accountability under this law is very effective in controlling fraud in an organization. Out of 9
respondents 8 were agree with the fact and only 1 person deny from the fact that determination
of accountability is playing any role in controlling fraud in the firm. Hence, it can be said that
substantial portion of sample is assuming Sarbanes- Oxley act effective in controlling fraud at
organization. This response also indicate that most of respondents believe that there is always top
managers hand behind any large small fraud activity in an organization.
6
Do you think that freezing of transaction or payment is 100% effective in preventing
implementation of fraud at ground level.
Effectivenss of transaction freezing Respondents
Yes 4
No 5
Total 9
Yes
No
0 1 2 3 4 5 6 7 8
8
1
Column C

Interpretation
Out of 9 respondents, 5 replied that freezing of transactions or payment is not 100%
effective in preventing implementation of fraud at ground level. While, only 4 respondents
replied that this is effective for fraud prevention. Hence, it can be said that most of respondents
think that freezing of business transaction is not completely effective in controlling fraud in an
organization. This is because every time government can not identify fraud when it is taking
place. It is not possible to suspect on any entity every time when big amount of cash inflow is
happening in the single account. Hence, due to this mos of respondents assume that this method
is not completely effective in controlling fraud in an organization. On data analysis it can be said
people give mixed response on this question. On this basis it can be said that some believe on
freezing of transaction as effective instrument whereas some think that this method is not
effective in curbing fraud cases in the firms.
Provision of disclosure by security analyst about disclosure of knowable conflict of interest will
100% help in bring fraud done by companies on ground level.
Yes No
0
1
2
3
4
5
6
4
5
Column C

Effectiveness of dislosure of knowable conflicts Respondents
Yes 3
No 6
Total 9
Interpretation
Large number of respondents, 6 replied that provisions of disclosure by security analysts
to disclose all the knowable conflicts of interest will not 100% effective in bringing fraud done
by companies on ground level. However, only 3 consumers replied that it will effective because
security analysts will disclose information on the basis of financial figures. The main reason due
to which most of respondents are not in favor of the fact that security analysts play a important
role in identification of fraud at organization is that they are not an auditor. They only review
firm facts and figures and if there is heavy gap in specific element of financial statement then
they can suspect company on ground of fraud. But they can not surely claim that firm is involved
in fraud because they only look at figures but they do not know the reason due to which specific
figure comes in existence. On other hand, if there will be auditor then his doubt about firm
involvement in fraud will be assumed valid because he check company accounts internally and
3
6
Yes
No

know how value of specific element comes in existence in the financial statement. Hence, this is
the reason due to which respondents does not think that security analyst can play any roles in
bring fraud done by company at ground level.

7Conclusion and recommendation
On the basis of above discussion it is concluded that this law is very effective since its
inception. Most of respondents in the research assume that in this act several measures are taken
to make sure that fraud will not happen in organization. If same will happen then there are strict
rules and regulations which will create lots of problems for an individual. It is concluded that
external auditors have are getting full independence when they are doing audit of company
accounts. It is also concluded that top managers of an organization are not hindering audit
process in an organization. It is concluded that provision of making top managers responsible for
their act is very effective tool in controlling fraud in an organization. If this will not happen then
top managers of an organization will freely do fraud in an organization. As per this act it is
necessary for top managers to certify that financial statements are accurately prepared and
accurate amount of tax is paid to taxpayers. It is also concluded that financial disclosure are
preventing top managers of an organization from involving in any fraudulent activity. This is
because in disclosures each and every component of the specific expense is showed. If firm is
involved in manipulating accounts the auditor on the basis of checking of data given disclosure
can easily identify whether firm is involved in fraud. Hence, it can be concluded that all
provisions given in the Sarbanes- Oxley act are effective and laying important role in preventing
happening of fraud in an organization. It is recommended that relevant authorities must review
provisions of Sarbanes- Oxley on consistent basis because by doing so time to time changes
changes can be bring in same. By doing so this act can be made very effective. It is also
concluded that there are some provisions in this law which are not too much effective and this is
weak point of this law. By bringing changes in this law and converting weak point in to strength
this law can be made more powerful then before. The main limitation of this research is that only
sample of 10 respondents is taken in this research. As it is not possible to establish contact with
large number of professionals in single time period. Hence, only 10 respondents are taken in
present study. However, while selecting sample for present study it is ensured that sample units
are highly professional and intellectual people. Hence, data collected from sample units are
highly reliable and results produced by present study have a very high reliability. Further new
provisions can be added to this act because with passage of time those who intend to involve in
fraud activities will identify unique ways to do same. Hence, further by making this law strong to
great extent chances of occurrence of fraud in organization can be eliminated in an organization.

REFERENCES
Books & journals
Ahmed, A.S. and et.al., 2010. How costly is the Sarbanes Oxley Act? Evidence on the effects of
the Act on corporate profitability. Journal of Corporate Finance. 16(3). pp.352-369.
Bargeron, L.L., Lehn, K.M. and Zutter, C.J., 2010. Sarbanes-Oxley and corporate risk-taking.
Journal of Accounting and Economics. 49(1). pp.34-52.
Bedard, J.C. and Graham, L., 2011. Detection and severity classifications of Sarbanes-Oxley
Section 404 internal control deficiencies. The Accounting Review. 86(3). pp.825-830
Brochet, F., 2010. Information content of insider trades before and after the Sarbanes-Oxley Act.
The Accounting Review. 85(2). pp.419-446.
Camp, J.M. and Schnader, A.L., 2010. Using debate to enhance critical thinking in the
accounting classroom: The Sarbanes-Oxley Act and US tax policy. Issues in accounting
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