Problem:
The implications the Sarbanes-Oxley act have for corporations according to Cohn's article is "...higher compliance costs, ...[...]...increases in legal costs and in board compensation because it's riskier for boards. Directors and officers insurance has become more expensive, and the fees have become more expensive. Across the board it has become more expensive to become a public company and file with the SEC" (2017). For smaller businesses the implications are much different, SOX "...has led many smaller companies to decide against going public or to go public overseas instead"(2017).
Based on my personal and professional goals the Sarbanes-Oxley act and other ethical regulations will impact my need to training and education to expand and stay up-to-date with new regulations and maintain my own personal and professional ethical standards. The reliability of financials is important to build trust with investors and overall trust with publicly traded companies. Creating a set of standards and a schedule of education to maintain accuracy of regulations among financial reporters and auditors are steps that can be taken to ensure financials are reliable.
Directions:
In your responses to peers, discuss additional impacts of Sarbanes-Oxley as they might apply to the professional goals identified by your classmate.