Please concisely answer the following questions on Sarbanes-Oxley and Dodd-Frank. 1. Describe each Act, their major components...

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Finance

Please concisely answer the following questions onSarbanes-Oxley and Dodd-Frank.
1. Describe each Act, their major components and theirimpacts.
2. Why did Congress pass each Act?
3. Describe the issues these Acts have solved and the problemsthey have caused.
4. Should Sarbanes-Oxley and/or Dodd-Frank be modified,repealed, replaced, or left alone? Support your answer.

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1 Sarbanes Oxley Act The Sarbanes Oxley Act was enacted by the congress for the purpose of protecting investors and external parties from fraudulent and misleading accounting done by companies This act was passed due to large number of corporate accounting scandals that has emerged in the early 2000s Its major components includes setting up of PCAOB Public company accounting oversight board to give a independent view about the accounting aspects of public companies The act added 9 sections to enhance auditors independence Some other main components were corporate social responsibility enhanced financial disclosures corporate fraud accountability etc The act had a See Answer

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