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).
The legislation thus carried the short title of Sarbanes-Oxley Act of 2002, subsequently abbreviated as SOX or SarbOx. In the opinion of most observers of securities legislation, SOX is viewed as the most important new law enacted since the passage of the Securities and Exchange Act of 1934.UMMARY OF PROVISIONS. Sarbanes-Oxley governs the activities of publicly traded companies. It aims at protecting investors who, unlike investors in privately held corporations, are presumed to be at a greater distance from management and therefore more vulnerable.