A series of high visibility examples of corporate fraud motivated the federal government to step in and create laws to hold corporations more accountable to the public and to their shareholders. Two of the more well-known examples are Gramm-Leach-Bliley (GLB Act) passed in 1999 and Sarbanes-Oxley Act (SOX) passed in 2002. Both of these laws have information security and privacy components that impact financial management and creation of financial statements within certain organizations.
The CFO of a large investment company that is publically traded on the American Stock Exchange is preparing for a significant external audit as part of preparing the organization for creation of the annual financial statements and report to shareholders. He hires you establish what obligations they have under the GLB and SOX laws that relate to creation of those financial statements.
Use the study materials and engage in any additional research needed to fill in knowledge gaps. Then discuss the following:
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