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SOX 404: A Primer
You have probably heard a lot about The Sarbanes-Oxley Act, legislation passed in 2002 to strengthen good corporate governance and restore investor confidence. Lack of comprehensive understanding and compliance with Sarbanes-Oxley can result in substantial financial penalties and lengthy jail sentences. This paper will ensure you are familiar with the rules and regulations of the new law, as well as procedures and practices that must be adhered to in order to remain in compliance with SOX 404 as governed and administered by the Securities and Exchange Commission (SEC). The Sarbanes-Oxley Act is a US law passed in 2002 to strengthen Corporate governance and restore investor confidence. The Act was sponsored by US Senator Paul Sarbanes and US Representative Michael Oxley. This white paper will introduce the primary rules, regulations, definitions, inclusions, exclusions, accountability, methods of evaluation, potential penalties and other specific, essential and salient aspects of Sarbanes-Oxley, as well as guidance regarding procedures, checks and documentation required to substantiate compliance. Definition:
New Standards for Corporate Boards and Audit Committees Establishing a Public Company Accounting Oversight Board (PCAOB) under the Security and Exchange Commission (SEC) to oversee public accounting firms and issue accounting standards Administered by the Securities and Exchange Commission (SEC), the Sarbanes-Oxley Act of 2002 (variously abbreviated as SOX, SOA, S-O, or SarBox) has been described as the most important corporate reform legislation in the United States since the Securities and Exchange Act of 1934. Enacted by Congress in response to numerous incidents of corporate scandals that included Enron and WorldCom, the goal of SOX is to protect the interests of shareholders and the public by preventing fraudulent practices and accounting inconsistencies. The Act imposes standards of accountability for the officers and directors of corporations and outside accounting and legal counsel, establishes financial reporting standards and determines which business records must be held and for how long. According to SOX regulations, all business records, memoranda, accountants’ audit or review documents, as well as correspondence, including electronic records and e-mails, must be maintained for a minimum of five years after the fiscal period in which they were generated. SOX also requires the chief executive officer and chief financial officer to certify "the appropriateness of the financial statements and disclosures contained in the [annual] report, and that those financial statements and disclosures fairly present, in all material respects, the operations and financial condition of the issuer" and holds those parties personally responsible for any violations. [continued...] Want to know more? Download the White Paper "SOX 404: A Primer" for just $39.95. |
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