What do you know about SOX?

Sunday, October 10, 2010

SOX History
  1. Names Sarbanes-Oxley Act of 2002,
    SOX or Sarbox,
    PCARIPA 2002…
    (Public Company Accounting Reform and Investor Protection Act 2002)
  2. Enactment Date 30th July 2002
  3. OriginUnited States federal law
  4. Sponsors
    > Senator Paul Sarbanes (Democratic Party – Maryland, US)
    > Representative Michael G. Oxley (Republican Party – Ohio)
  5. Signed as Law byPresident George W. Bush
  6. Reason
    Avoidance of corporate and accounting scandals
    e.g. Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom
  7. Non-applicability
    Privately held companies
  8. Revelation from
    IAS (International Accounting Standards) & UK GAAP being “Principles-based” approach as against US GAAP which is a “Rules-based” approach.
  9. Contents
    11 Section/Titles
  10. Issues Covered
    > Auditor Independence
    > Corporate Governance
    > Internal Control Assessment
    > Enhanced Financial Disclosure
SoX Titles
Sr. No - Title - (Total Sections covered)
  1. PCAOB (Public Company Accounting Oversight Board), also known as PeeKaBoo (9)
  2. Auditor Independence (9)
  3. Corporate Responsibility (8)
  4. Enhanced Financial Disclosures (9)
  5. Analyst Conflicts of Interest (1)
  6. Commission Resources and Authority (4)
  7. Studies and Reports (5)
  8. Corporate and Criminal Fraud Accountability (7)
  9. White Collar Crime Penalty Enhancement (2)
  10. Corporate Tax Returns (1)
  11. Corporate Fraud Accountability (7)

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