In 2008, several high-profile fraud cases dominated the headlines. The Securities and Exchange Commission (SEC) was thrown into the spotlight for failing to recognize fraudulent conduct by the businesses it was tasked with monitoring. This brought to light the problems that exist with detecting fraudulent conduct by companies.Now, as part of an initiative by your company (an accounting firm) to be mindful of ethical issues in the accounting workplace, your company has scheduled a series of meetings to revisit the topic of ethical issues in the workplace. You have been asked to speak at the next company meeting about corporate fraud, the Sarbanes-Oxley Act of 2002 (SOX), and the role of the SEC in monitoring business activities.Corporate fraud has become a huge issue in American society. Corporate fraud hurts everyone. Several laws have been brought forward by the government to control this epidemic problem.Discuss the following questions:What danger does corporate fraud pose to the community? How much damage does corporate fraud do to the perpetrators and the victims in terms of their personal lives and their families? What penalties do you think should be assessed to the perpetrators?Explain in detail the Sarbanes-Oxley Act of 2002, and discuss why it was created, the pros and cons of the law, and whether it has been effective.Discuss the criminal and civil penalties that can be imposed on a company, agent, or employee alleged to have violated the law by the SEC.Use proper formatting for the assignment and references, and adhere to the deliverable length. Comment on at least 2 other students’ posts.