Name:University:Course:Tutor:Date:International business The Sarbanes-Oxley act of 2002 enacted in July had profound influence on the progress of the convergence of international accounting standards. The act set new standards for management of public companies and public accounting firms in United States. Following the rise of accounting scandals such as Enron, Adelphia, Peregrine Systems, Tyco International and WorldCom, U.S. senators Michael Oxley and Paul Serbanes sponsored this act (Green, 2004 pg103). Upon its enactment, agencies such as Public Company Accounting Oversight Board (PCAOB) were created. The board was charged with the responsibility of inspecting discipline is...