ACC212 Week 3 Discussion (dq1+dq2) Latest 2018 September

ACCT212 Financial Accounting

Week 3 Discussion

DQ1 COMPLIANCE AND THE SARBANES-OXLEY (SOX) ACT

In the context of the world of business, explain what we mean by the term "compliance." Relating to this, is anyone familiar with the Sarbanes-Oxley (SOX) legislation enacted by Congress in 2002? What was contained in this legislation and what prompted it? Can you provide a specific example of one of the major points of this legislation? Why was it enacted? Separately, does the term "compliance" apply to any other areas of business besides the SOX legislation?

DQ2 COURSE PROJECT

Go to Course Home and review the Course Project Overview. Then download the Course Project template from Files. In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of the Course Project.

Let's start with a review of the first three requirements of the Course Project. Explain why it is important to analyze each financial transaction of a business and to report it in the Accounting Information System. Suggestion: Revisit and review the Lessons in Weeks 1 and 2.