Strayer ACC 564 Week 3 Discussions Questions
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Week 3 Discussion 1 Question A & B:
You have been hired by the CFO of Strayer University to develop a plan to protect its accounting and financial systems at a reasonable cost. Suggest a high-level plan for the CFO. Provide support for your suggestion.
Internal controls will vary depending on the plan’s size, type and complexity; whether the plan uses outside service providers to process transactions and manage plan investments; and the size and qualifications of the department responsible for financial reporting.
Week 3 Discussion 2 Question A & B:
“Revamping the Sarbanes-Oxley Act (SOX)”
We know that the Sarbanes-Oxley Act was created as the result of several high-profile fraud cases. Now that the act is over 10 years old, many think that it needs to be updated to reflect the changing times. From the e-Activity, identify and discuss at least three changes that should be made to the act, indicating why these changes are necessary.
The Sarbanes-Oxley Act of 2002 is a legislative response to a number of corporate scandals that sent shockwaves through the world financial markets. Some of the biggest issues involved Enron, Tyco and WorldCom. The Sarbanes-Oxley Act, commonly referred to as SOX, attempts to strengthen corporate oversight and improve internal corporate control.