Managerial Finance

Must be original work, 400+ with 2+ scholarly references.

Please see the scenario is attached for further information to help with the below scenario.

Because this is your first week as vice president (VP) of finance at Apex, several members of the top management team have stopped by your office. Timothy Russell, chair of the audit committee, comes in first to talk with you about the Sarbanes-Oxley Act of 2002 (SOX).
“Welcome to Apex,” he says. I hope you’re getting comfortable with us here. We have a lot on our plate, and we need your assistance with some important compliance issues.”

“Thanks, Tim,” you say. “Mary Francis mentioned Sarbanes-Oxley when I talked with her last week. Maybe we can start with that.”

“Right. As you know, our company is private and will eventually need to seek external funding. Currently, we're not compliant with all of the requirements of SOX. Apex is compliant with Section 404 regarding internal control, but not 302 relating to the certification of the chief executive officer (CEO) and chief financial officer (CFO)." He continues, "As you know, compliance is necessary for an initial public offering (IPO) of equity shares. If John and Mary aren't confident that the internal control is sound, then they need to take steps now to change procedures.”

“So, let's discuss the requirements and considerations for the CEO and CFO to achieve compliance with Section 302 of SOX,” you say. 

“Exactly,” he responds. “We also need to consider the ethics and potential ramifications for noncompliance to make the right decision for the company. One question we need to answer is 'Does it make sense for Apex to attain full compliance with SOX? And why or why not?'” 

In 400-600 words, discuss Tim's question: Does it make sense for Apex to attain full compliance with SOX? Why or why not?