Directions: Answer each question completely and in detail. If the question has a minimum word count, it is likely because it is a complex subject that cannot be fully addressed in fewer words. Cite your sources with in-text citations and references. Turnitin score at or below 40%. 1. Research the Sarbanes-Oxley Act. Write a minimum of 250 words, cite your sources and completely address the following: Solution The act comprises of the following- It creates a central oversight board for registering auditors, defining the specific procedures for compliance audits, inspecting and policing conduct and quality control, and enforcing compliance of the specific mandates of SOX. Auditor Independence It establishes standards for external auditor independence, to limit conflicts of interest. It addresses new auditor approval requirements. Corporate Responsibility It mandates senior executives to take individual responsibility for the accuracy and completeness of corporate financial reports. It details the interaction of external auditors and corporate audit committees, and also specifies the responsibility of corporate officers for accuracy and validity of corporate financial reports. Enhanced Financial Disclosures It describes enhanced reporting requirements for financial transactions, off-balance-sheet transactions, pro-forma figures and stock transactions of corporate officers. Analyst Conflicts of Interest It includes measures designed to restore investor confidence in the reporting of securities analysts. Commission Resources and Authority It defines the conditions under which a person can be barred from practicing as a broker, advisor, or dealer. Studies and Reports Studies and reports show the effects of consolidation of public accounting firms, the role of credit rating agencies in operation of securities markets, securities violations, enforcement actions. Corporate and Criminal Fraud Accountability It describes the specific criminal penalties for manipulation, alteration of financial records or other interference with investigations..