âThe Court may set aside a default, and if a final judgment consequent thereon has been entered, the Court may set it aside in accordance with Rule 1.540(b) of the Florida Rules of Civil Procedure.â. So we then turn to Florida Rule of Civ.
The most notable company to crash was Enron, followed by Global Crossing (parent of MCI,) and Xerox; later, almost one thousand publicly traded companies restated their financial statements (Lasher, 2008, p. 187). This resulted in almost $6 trillion of stock market value disappearing (Lasher, 2008, p. 187)! In response to these events, Congress drafted and passed the Sarbanes-Oxley Act (SOX) of 2002. Next, we look to the provisions of the Sarbanes-Oxley Act of 2002 to see how they impact the way firms prepare their financial statements. The first and most major way the SOX Act impacted financial reporting was that it ended self-regulation of the public accounting industry (Lasher, 2008, p. 190).
Congress passed the Sarbanes-Oxley Act in 2002 in response to public outrage over the corporate scandals that rocked the nation at the time. The overall intent of Sarbanes-Oxley, or SOX, was to protect investors and to make it harder for corporations to get away with financial fraud.