Sabanes Oxley Act
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Sabanes-Oxley Act of 2002
1) There were three executives at DPL, that could have possibly committed fraud. These allegations stemmed from insufficient funds being drawn and poor handling of the 402K refinement funds. Mr. Thobe brought forth these accusations of fraud. He was considered the whistle blower. Thobe, sent out a memo to an outside employee, that stated what he had found to be wrong. It was acted on swiftly, but not all of the accusations were brought forth right away.
2) I believe the Sabanes-Oxley Act to have a great impact on current corporation. It allows for the most part, the employee who blows the whistle to remain in a safe state. It also provides more watch over a companies finances and helps to protect the shareholders. The Sabanes-Oxley Act, also provides a quick efficient way for complaints to get dealt with.
3) The article that I found was on the web at www.aicpa.org/info/sabanes_oxley. This article has a list of compliances that a board must follow. It states rules that must be followed in accounting, quality control and independent standards and rules. It states that the board must register a public accounting firm. They must also adopt quality control ethics, along with the proper accounting principles. The board is also responsible for applying conduct inspections over the hired accounting sector. They are to conduct investigations and disciplinary proceeding swiftly and proper. The board is basically responsible for enforcing full compliance with the Sabarnes-Oxley Act.