Category: Business and Money > Finance
Asked by: keek18-ga
List Price: $2.00
07 Jun 2005 22:24 PDT
Expires: 07 Jul 2005 22:24 PDT
Question ID: 530691
What is the importance of the Sarbanes-Oxley Act
Answered By: djbaker-ga on 07 Jun 2005 23:47 PDT
Greetings Keek! The importance of the Sarbanes-Oxley Act, which was signed into law by President Bush on July 30, 2002 is that attempts to safe guard investors by improving the quality of corporate dislosures. "The act was designed to review dated legislative audit requirements. The goal of the act was to protect investors by improving the accuracy and reliability of corporate disclosures. The act covers issues such as establishing a public company accounting oversight board, auditor independence, corporate responsibility and enhanced financial disclosure." "One key element of the Act is to require a report of the internal controls a company has in place to ensure compliance with the Act itself. Section 404 mandates that CEOs and CFOs must file Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports. The SEC published the final form of its rules and guidelines on the content of these reports in June of 2003." http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act Other sites that you may be interested in... Summary of Sarbanes-Oxley Act of 2002 http://www.aicpa.org/info/sarbanes_oxley_summary.htm A Laymen's Summary of All 11 Titles http://www.csbs.org/government/legislative/misc/2002_sarbanes-oxley_summary.htm An Overview of the Major Points in the Act http://www.cpeonline.com/cpenew/sarox.asp The Full Text of the Act http://www.legalarchiver.org/soa.htm Have a great evening and thank you for using Google Answers! Best, djbaker-ga
rated this answer:
From: thehamster-ga on 05 Sep 2005 10:59 PDT
I think you probably missed the most useful resource on the net here. That is the Sarbanes-Oxley Forum at: http://www.sarbanes-oxley-forum.com On this site, select the forum itself. Many hundreds of SOX related questions are discussed and answered, by some of ther biggest names in the business. It certainly beats reading yet another tedious overview or summary!
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