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Roles of the Securities and Exchange Commission

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What are three primary roles of the SEC? How does the Sarbanes Oxley Act augment the SEC's role in managing financial governance? Do you think that businesses are more ethical after the passing of the Sarbanes Oxley Act? What examples are there to support you answer?
“The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly and efficient markets and facilitate capital formation (Commission, 2013).”
According to the web site, the SEC requires public companies to disclose meaningful financial and other information to the public. This allows investors to be educated and judge for themselves whether or not to purchase, sell or keep a particular security. The SEC also oversees participants in the securities world, including securities exchanges, securities brokers and dealers, investment advisors, and mutual funds. This helps them to maintain fair dealing and protect against fraud. It has an enforcement arm which brings civil enforcement actions against individuals and companies for the violation of the securities laws. This would include insider trading, accounting fraud, providing false or misleading information, etc.
The Sarbanes Oxley Act augments the SEC by mandating reform to “enhance corporate responsibility, enhance financial disclosures and combat corporate and accounting fraud (Commission, 2013),” and it created the Public Company Accounting Oversight Board to oversee the activities of the auditing profession.
Judging by the continued sanctions being brought against companies, it does not seem to scare some companies and individuals. One can find SEC investigations on the SEC website. On Dec 8, 2014 the SEC sanctioned 8 firms for violating auditor independence rules when they prepared financial statements of brokerage firms that were their audit clients. The Public Company Accounting Oversight

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