What do you know about SOX?
Sunday, October 10, 2010SOX History
- Names Sarbanes-Oxley Act of 2002,
SOX or Sarbox,
PCARIPA 2002…
(Public Company Accounting Reform and Investor Protection Act 2002) - Enactment Date 30th July 2002
- OriginUnited States federal law
- Sponsors
> Senator Paul Sarbanes (Democratic Party – Maryland, US)
> Representative Michael G. Oxley (Republican Party – Ohio) - Signed as Law byPresident George W. Bush
- Reason
Avoidance of corporate and accounting scandals
e.g. Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom - Non-applicability
Privately held companies - Revelation from
IAS (International Accounting Standards) & UK GAAP being “Principles-based” approach as against US GAAP which is a “Rules-based” approach. - Contents
11 Section/Titles - Issues Covered
> Auditor Independence
> Corporate Governance
> Internal Control Assessment
> Enhanced Financial Disclosure
SoX Titles
Sr. No - Title - (Total Sections covered)- PCAOB (Public Company Accounting Oversight Board), also known as PeeKaBoo (9)
- Auditor Independence (9)
- Corporate Responsibility (8)
- Enhanced Financial Disclosures (9)
- Analyst Conflicts of Interest (1)
- Commission Resources and Authority (4)
- Studies and Reports (5)
- Corporate and Criminal Fraud Accountability (7)
- White Collar Crime Penalty Enhancement (2)
- Corporate Tax Returns (1)
- Corporate Fraud Accountability (7)
Theme -
Technical Interview Question
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