04-01-2005, 07:12 PM
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Sarfaraz</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote">
For our younger members a brief introduction to the SOX or the Sarbanes-Oxley Act,.. a major component of the 'Corporate Governance' ideology
The Sarbanes-Oxley Act of 2002 (HR 3763), signed into law on 30 July 2002, is considered the most significant change to federal securities laws in the United States since the New Deal. It came in the wake of a series of corporate financial scandals, including those affecting Enron, Arthur Andersen, and WorldCom. The law is named after Senator Paul Sarbanes and Representative Michael G. Oxley.
Its major provisions include
Certification of financial reports by CEOs and CFOs
Ban on personal loans to Executive Officers and Directors
Accelerated reporting of trades by insiders
Prohibition on insider trades during pension fund blackout periods
Disgorgement of CEO and CFO compensation and profits
Additional disclosure
Auditor independence, including outright bans on certain types of work and pre-certification by the company's Audit Committee of all other non-audit work
Criminal and civil penalties for securities violations
Whilst addressing a number of domestic concerns, the Act has been criticised by foreign regulators for seeking jurisdiction over their national affairs.
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
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and from where i can download whole act?
There is a will. There is a way.
www.sarfraz.cjb.net
0333-4502662
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The Sarbanes-Oxley Act was signed into law on 30th July 2002, and introduced highly significant legislative changes to financial practice and corporate governance regulation. It introduced stringent new rules with the stated objective "to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws".
It also introduced a number of deadlines, the prime ones being
- Most public companies must meet the financial reporting and certification mandates for any end of year financial statements filed after November 15th 2004 (amended from June 15th).
- smaller companies and foreign companies must meet these mandates for any statements filed after 15th July 2005 (amended from April 15th).
The act is actually named after its main architects, Senator Paul Sarbanes and Representative Michael Oxley, and of course followed a series of very high profile scandals, such as Enron. It is also intended to "deter and punish corporate and accounting fraud and corruption, ensure justice for wrongdoers, and protect the interests of workers and shareholders" (Quote President Bush).
The Sarbanes-Oxley Act itself is organized into eleven titles, although sections 302, 404, 401, 409, 802 and 906 are the most significant with respect to compliance (Sarbanes Oxley section 404 seems to cause most concern) and internal control. In addition, the Act also created a public company accounting board.
Perhaps one of the most remarkable aspects of this legislation however relates to its profile. It is very much in the public and media arena. The focus is certainly intense in this respect, creating yet another clear motivation for compliance. There is simply no escaping it!
A copy of the Sarbanes-Oxley Act itself can be obtained in PDF format from <b>http//news.findlaw.com/hdocs/docs/gwbush/sarbanesoxley072302.pdf</b>
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âLittle minds are tamed and subdued by misfortune; but great minds rise above it.â
<br /><blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote">
For our younger members a brief introduction to the SOX or the Sarbanes-Oxley Act,.. a major component of the 'Corporate Governance' ideology
The Sarbanes-Oxley Act of 2002 (HR 3763), signed into law on 30 July 2002, is considered the most significant change to federal securities laws in the United States since the New Deal. It came in the wake of a series of corporate financial scandals, including those affecting Enron, Arthur Andersen, and WorldCom. The law is named after Senator Paul Sarbanes and Representative Michael G. Oxley.
Its major provisions include
Certification of financial reports by CEOs and CFOs
Ban on personal loans to Executive Officers and Directors
Accelerated reporting of trades by insiders
Prohibition on insider trades during pension fund blackout periods
Disgorgement of CEO and CFO compensation and profits
Additional disclosure
Auditor independence, including outright bans on certain types of work and pre-certification by the company's Audit Committee of all other non-audit work
Criminal and civil penalties for securities violations
Whilst addressing a number of domestic concerns, the Act has been criticised by foreign regulators for seeking jurisdiction over their national affairs.
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
and from where i can download whole act?
There is a will. There is a way.
www.sarfraz.cjb.net
0333-4502662
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
The Sarbanes-Oxley Act was signed into law on 30th July 2002, and introduced highly significant legislative changes to financial practice and corporate governance regulation. It introduced stringent new rules with the stated objective "to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws".
It also introduced a number of deadlines, the prime ones being
- Most public companies must meet the financial reporting and certification mandates for any end of year financial statements filed after November 15th 2004 (amended from June 15th).
- smaller companies and foreign companies must meet these mandates for any statements filed after 15th July 2005 (amended from April 15th).
The act is actually named after its main architects, Senator Paul Sarbanes and Representative Michael Oxley, and of course followed a series of very high profile scandals, such as Enron. It is also intended to "deter and punish corporate and accounting fraud and corruption, ensure justice for wrongdoers, and protect the interests of workers and shareholders" (Quote President Bush).
The Sarbanes-Oxley Act itself is organized into eleven titles, although sections 302, 404, 401, 409, 802 and 906 are the most significant with respect to compliance (Sarbanes Oxley section 404 seems to cause most concern) and internal control. In addition, the Act also created a public company accounting board.
Perhaps one of the most remarkable aspects of this legislation however relates to its profile. It is very much in the public and media arena. The focus is certainly intense in this respect, creating yet another clear motivation for compliance. There is simply no escaping it!
A copy of the Sarbanes-Oxley Act itself can be obtained in PDF format from <b>http//news.findlaw.com/hdocs/docs/gwbush/sarbanesoxley072302.pdf</b>
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âLittle minds are tamed and subdued by misfortune; but great minds rise above it.â
