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According to Kolakowski (2009) certain rules and regulations are created and enforced by the U.S. Securities and Exchange Commission (the SEC) which provide a set of standards for the public companies to disclose their financial information to the public. Furthermore, it has a mission statement according to which SEC works on maintaining efficient and fair markets where the investors are protected. It also ensures that the capital formation is done smoothly and easily. The various activities conducted by SEC where it enforces its rules and regulations are accounting fraud, insider trading and when the investment information is incorrect or it misleads.
The Sarbanes Oxley Act provides stronger and sturdy powers to SEC in regard to enforcement and regulations. This Act was made when there were too many scandals taking place in corporations around US. In order to control and give a legal handling to these scandals the Sarbanes Oxley Act was implemented. It provided a new set of standards of corporate transparency and accountability. Because of it the organizations are now led in a better way by SEC.
What I think is that one who decides to do wrong does not really care about any laws or regulations. I guess everyone is aware of the fact that cheating, fraudulent and using unfair means not only in business but also in the personal life is prohibited by God and automatically by the society. There would be no one who will not know this that by adopting such means they’ll be punished but still whenever anyone who gets a chance to use shortcuts or unfair means does not leave it. A very small number of people fear of God and of the laws and regulations whereas the majority tries to avail these opportunities as much as possible. These laws, rules, regulations and guidelines are present fro the beginning of the world and they are been added on but still the greed, hunger and the lust of the people is never fully satisfied. The one who plans to do so does not care about these laws. But still, we can hope that the Sarbanes Oxley Act along with the enforcement of SEC will be able to reduce the unethical behavior. In actual we can see that even small businesses try to find secretive ways or hidden ways to achieve success in very less time. Majority tries to earn or save a penny by using unethical means. But all this does not mean that such laws should not be passed. It is the work of the government to make laws and implement them and no doubt the ethical values present are because of these otherwise the world would have been a jungle where anyone can do what he desires to do.
Kolakowski, Mark (2009). Securities and Exchange Commission. Financial Careers, from http://financecareers.about.com/od/overview/a/SEC.htm
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