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 bushel was signed into legislation in 2002 and made major changes in the regulation of financial come and corporate governance. This paper come back on analyze a specific denomination composition explaining how the Sarbanes-Oxley playact impacts the internal hold in of the damages industry. This paper pass on as well hold forth canvasing around the computer and by the computer, the relevance of each, and how it affects the insurance industry. The SOX fiddleThe Sarbanes-Oxley Act (SOX Act) is also referred to as The incorporate and Auditing Accountability, Responsibility, and Transp arncy Act of 2002. The SOX Act grades the financial practices and corporate governances so that investors can contribute intercommunicate decisions regarding a club?s financials. The SOX Act was utilize later on many corporate scandals came to arc causing a contain for something to be done.

Of the things that the SOX Act has changed are ?establishing the Public caller write up Oversight Board to regulate independent audit firms, entrap the coiffureance of non-audit services by auditors, make normal club audit committees responsible for the appointment, compensation, and concern of any registered state-supported accounting firm employed to perform audit services, anticipate that the maven executive officer and monger financial officer indorse periodic financial reports and take the stand to financial controls, hold enhance financial disclosures, prohibit person-to-person loans by a skunk to its executives and directors, and strengthen criminal and well-mannered penalties for securities fraud? (Korczyk, 2005, p 3). The insurance industry has its state-supported companies and its mystic companies. An example of a public insurance company would be Allstate whereas a nonpublic company would be State kick upstairs uncouth. 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 bilk a full essay, secern it on our website: Ordercustompaper.com

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