Corporate Fraud: Research Sarbanes-Oxley

Reflect upon Corporate Fraud and answer the following questions:

  1. Research Sarbanes-Oxley. How has it changed the responsibility of people involved in companies whose stock is publicly traded? Can accounting firms still audit and accept consulting fees? How about directors and company officers—are their duties different now?
  2. How much does the typical office manager, pipefitter, or sheet metal worker make in a year? Assuming that they contribute the maximum 15 percent of their paycheck into a retirement account and it earns 10 percent per year, how much would be in the individual’s retirement account after 16 years? (Don’t forget compound interest.) Were the amounts that Enron employees accumulated unusual? How much were the Enron insiders or their families/spouses left with after fines, etc.?
  3. Compile information on the involvement of Vinson & Elkins. Does the information indicate that the law firm could have been implicated in criminal activity? Why or why not?

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