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Sarbane Oxley | SarbOx |
Sarbanes Oxley Section 404 | Sarbanes Act
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The Sarbane Oxley Act of 2002 is a United
States federal law and commonly called SOX or SarbOx.
It is often misspelled SARBANES OXLY, Sarbanesoxely, Sarbanes Oxeley and SARBANES OXELY.
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The
Sarbane Oxley Act (SarbOx)
is also known as the Public Company
Accounting Reform and Investor Protection Act of 2002. (PCAOB)
The Sarbanes Oxley Act covers issues such as establishing a
public company accounting oversight board, auditor independence,
corporate responsibility and enhanced financial disclosure.
SarbOx was
designed to review the dated legislative audit requirements, and is
considered one of the most significant changes to United States
securities laws since the New Deal in the 1930s. The Act gives
additional powers and responsibilities to the U.S. Securities and
Exchange Commission. |
The Sarbanes Oxley Act
was signed on
July 30, 2002
Full text of the
Sarbanes Oxley Act (PDF) |
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Sarbanes Oxley Compliance | SarbOx
404 Compliance |
| The Sarbanes Oxley Act came in
the wake of a series of corporate financial scandals, including those
affecting Enron, Tyco International, and WorldCom (now MCI). Named after
sponsors Senator Paul Sarbanes (Democrat of Maryland) and Representative
Michael G. Oxley (Republican of Ohio), the Act was approved by the House
by a vote of 423-3 and by the Senate 99-0.
Will Tighter
Controls Work? | |
The Sarbanes Oxley
Act's major provisions include:
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Certification of financial reports by chief executive officers and
chief financial officers
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Ban on
personal loans to any Executive Officer and Director
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Accelerated
reporting of trades by insiders
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Prohibition
on insider trades during pension fund blackout periods
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Public
reporting of CEO and CFO compensation and profits
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Additional
disclosure
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Auditor
independence, including outright bans on certain types of work and
pre-certification by the company's Audit Committee of all other
non-audit work
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Criminal
and civil penalties for violations of securities law
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Significantly longer jail sentences and larger fines for corporate
executives who knowingly and willfully misstate financial statements.
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Prohibition
on audit firms providing extra "value-added" services to their clients
including actuarial services, legal and extra services (such as
consulting) unrelated to their audit work.
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A
requirement that publicly traded companies furnish independent annual
audit reports on the existence and condition (i.e., reliability) of
internal controls as they relate to financial reporting.
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Sarbane Oxley | SarbOx |
Sarbanes Oxley Section 404 | Sarbanes Act
The Sarbane Oxley Act of 2002 is a United
States federal law and commonly called SOX or SarbOx.
It is often misspelled SARBANES OXLY, Sarbanesoxely, Sarbanes Oxeley and SARBANES OXELY.
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Publ.Date : Thu, 03 Jul 2008 00:01:20 GMT
Publ.Date : Thu, 03 Jul 2008 00:59:26 GMT
Publ.Date : Tue, 01 Jul 2008 12:55:48 GMT
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