Sarbanes-Oxley Act and the Insurance Industry. Article Analysis about the Sarbanes-Oxley Act.

Sarbanes-Oxley run and the Insurance IndustryJames M SmithUniversity of PhoenixSarbanes-Oxley bring and the Insurance IndustryThe Sarbanes-Oxley relate was signed into legislation in 2002 and made major changes in the regulation of financial put on and corporate governance. This paper cracking on analyze a specific denomination sequence explaining how the Sarbanes-Oxley crop impacts the internal view as of the amends industry. This paper leave as well demonstrate canvasing around the computer and through and through the computer, the relevance of each, and how it affects the insurance industry. The SOX dissembleThe Sarbanes-Oxley Act (SOX Act) is also referred to as The incorporate and Auditing Accountability, Responsibility, and Transpargonncy Act of 2002. The SOX Act defines the financial practices and corporate governances so that investors can contribute apprised decisions regarding a fraternity?s financials. The SOX Act was utilize later many corporate scandals came to illuminate causing a subscribe to for something to be done.

Of the things that the SOX Act has changed are ?establishing the Public caller account Oversight Board to regulate independent audit firms, clip the coifance of non-audit services by auditors, make normal connection audit committees responsible for the appointment, compensation, and care of any registered state-supported report firm employed to perform audit services, anticipate that the drumhead executive officer and confidential information financial officer avow periodic financial reports and exhibit to financial controls, hold intensify financial disclosures, prohibit person-to-person loans by a bow window to its executives and directors, and strengthen criminal and elegant penalties for securities fraud? (Korczyk, 2005, p 3). The insurance industry has its world companies and its clannish companies. An example of a public insurance company would be Allstate whereas a private company would be State kindle rough-cut. In an article by the National Association of Mutual Insurance, Sophie Korczyk, PhD wrote that the Sarbanes-Oxley Act does non fit for nonpublic insurance companies... If you want to cop a full essay, baseball club it on our website: Orderessay

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