Sarbanes-Oxley (SOX) Act was created with the intent of improving the quality of accounting, Week 6 Discussion questions

If you’re not comfortable with any of the questions, please do not take the assignment, this will just make it easier for both of us.  Please try and use a reference with each answer, I do know this is not always possible.  Please number each answer, this just helps me to know which answer belongs to which question.

1.  The Sarbanes-Oxley (SOX) Act was created with the intent of improving the quality of accounting, reliability of financial statements to investors, and providing oversight to accounting professionals through the creation of a new federal agency, Public Accounting Company Oversight Board (PACOB). Create an argument supporting whether SOX achieved these goals, and whether financial data reported today is more accurate and reliable than prior to the Act. Provide support for your rationale.

2.  Assess the impact to the Public Accounting Profession with the creation of the PACOB and the inability of the profession to be self-regulated. Indicate your level of support for the federal regulation of the profession. Provide a rationale for your response.

3.  Assess the impact to public trust when a publically traded company restates its financial data, indicating how negative impressions may be minimized. Provide support for your rationale.

4.  Evaluate the current trend of companies restating financial statements. Indicate the key drivers of this trend. Predict the trend over the next five years, providing support for your rationale.

5.  From the e-Activity, analyze the reasons why the short-term project that you have chosen might be ranked higher under the NPV criterion if the cost of capital is high, while the long-term project might be deemed better if the cost of capital is low. Determine whether or not changes in the cost of capital could ever cause a change in the internal rate of return (IRR) ranking of two (2).

e-Activity:  Use the Internet to research two (2) mutually exclusive investment projects to compare. The projects may involve any kind of investment, as long as the time frame for one (1) of the investments is a maximum of one (1) year (short term) and the time frame for the other investment is five (5) years minimum (long term). Be prepared to discuss.

6.  From the scenario, take a position for or against TFC’s decision to expand to the West Coast. Provide a rationale for your response in which you cite at least two (2) capital budgeting techniques (e.g., NPV, IRR, Payback Period, etc.) that you used to arrive at your decision.

Scenario:  attached (there are 3 attachments, 2 of them are just showing how they got answers)

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