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The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations.The act, Pub. L. 107–204 (text), 116 Stat. 745, enacted July 30, 2002, also known as the "Public Company Accounting Reform and Investor Protection Act" (in the Senate) and "Corporate and Auditing Accountability, Responsibility, and ...
Corruptly obstructing, influencing, or impeding an official proceeding is a felony under U.S. federal law. It was enacted as part of the Sarbanes–Oxley Act of 2002 in reaction to the Enron scandal, and closed a legal loophole on who could be charged with evidence tampering by defining the new crime very broadly.
As a result, Sarbanes–Oxley Act was enacted. This law extends the long-standing requirement for public companies to maintain internal control systems, which requires management to certify and the independent auditor to certify the effectiveness of those systems.
The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of US-listed public companies. The PCAOB also oversees the audits of broker-dealers , including compliance reports filed pursuant to federal securities laws, to promote investor protection.
The Supreme Court ruled Monday that part of the 2002 Sarbanes-Oxley Act violates the U.S. Constitution's requirement of separation of powers among the branches of government. In its 5-4 vote, the ...
The news this week surrounds Section 404 of the Sarbanes-Oxley Act of 2002. This section dictates what companies must do relative to assessing their internal controls. Until now, public companies ...
Under the Sarbanes-Oxley Act, companies are required to perform a fraud risk assessment and assess related controls. This typically involves identifying scenarios in which theft or loss could occur and determining if existing control procedures effectively manage the risk to an acceptable level. [7]
The Sarbanes–Oxley Act of 2002 (SOX) was enacted in the wake of a series of high-profile corporate scandals, which cost investors billions of dollars. [54] It established a series of requirements that affect corporate governance in the US and influenced similar laws in many other countries.