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Uop Law421 Week 5 Article Review

835 words - 4 pages

University of Phoenix Material

Article Review Format Guide

MEMORANDUM
UNIVERSITY OF PHOENIX

DATE: November 25, 2013
TO: XXX
FROM: XXX
RE: Impact of Sarbanes-Oxley Act upon management: a behavioral discussion. (Linsley, C., & Linsley, C., 2008)

ARTICLE SYNOPSIS

The authors of this article had a desire to examine the behavioral psychological affects on senior management staff members after the introduction of the Sarbanes-Oxley Act of 2002. The behavior changes could affect future legislation that regulates the financial community and how it is perceived and applied. Linsey, C. and Linsey, C. (2008), suggest that it would be useful to further understand ...view middle of the document...

Although the most senior staff members such as the manager are often the ones that are prosecuted, the staff can be prosecuted as well if they knew about unethical or illegal activity and failed to report it.
The authors concluded that fear of prosecution under the SOA could lead to wasted resources that were being assigned to internal controls and oversight, which would lead to inefficiency in financial institutions. These resources would be justified in the minds of management as a preventative measure to keep themselves safe from prosecution. They also noted that the legislators that wrote the bill could have intended to intentionally breed this fear to act as a deterrent to commit financial crimes.
LEGAL ISSUE
The legal issue represented in the article is the concern that upper level managers in the financial market will commit too many resources on measures to stay compliant with the SOA. This could cause inefficiency in the market and raise borrowing rates and trading fees to make up for the increase in resources used on compliance.
MANAGERIAL PERSPECTIVE
The Sarbanes-Oxley act was legislated in 2002 to address a public outcry against a number of corporate fraud scandals and that were brought into the public eye starting in 2000. The most central figure in the seeming outbreak of corporate scandals was MCI WorldCom CEO Bernard Ebbers (Melvin, 2011, p. 424).

The purpose of the Act was to increase controls and regulation on businesses to prevent fraud and illegal activity. The SOA focuses on three main areas: auditing, financial reporting, and internal corporate governance. It also mandated additional oversight,...

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