ChartAcc: What do you know about SOX?

What do you know about SOX?

Sunday, October 10, 2010

SOX 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

0 comments:

Subscribe to: Post Comments (Atom)