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).
United States of America. AT THE SECOND SESSION. Begun and held at the City of Washington on Wednesday, the twenty-third day of January, two thousand and two. An Act. To protect investors by improving the accuracy and reliability of corporate disclosures. made pursuant to the securities laws, and for other purposes. Be it enacted by the Senate and House of Representatives of. the United States of America in Congress assembled, SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) SHORT TITLE.âThis Act may be cited as the ââSarbanes-. Oxley Act of 2002ââ.