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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 ...
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.
Statutes such as the US Sarbanes–Oxley Act have resulted in greater standardization of records management practices. Since the 1990s the shift towards electronic records has seen a need for close working relations between records managers and IT managers, particularly including the legal aspects, focused on compliance and risk management.
In the United States, audit partner rotation is recommended in Title II Section 203 Sarbanes Oxley 116 Stat 773 (Audit Partner Rotation) (Audit Partner Rotation) of the Sarbanes–Oxley Act. The European Commission has issued on 16/5/02 a recommendation: "Statutory Auditors’ Independence in the EU, A Set of Fundamental Principles". The ...
Every state and territory has its own basic corporate code, while federal law creates minimum standards for trade in company shares and governance rights, found mostly in the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended by laws like the Sarbanes–Oxley Act of 2002 and the Dodd–Frank Wall Street Reform and ...
The 2004 update to Circular A-123 is a re-examination of the existing internal control requirements for Federal agencies and was initiated in light of the new internal control requirements for publicly traded companies contained in the Sarbanes-Oxley Act of 2002. The circular and the statute it implements, the Federal Managers’ Financial ...
In financial auditing of public companies in the United States, SOX 404 top–down risk assessment (TDRA) is a financial risk assessment performed to comply with Section 404 of the Sarbanes-Oxley Act of 2002 (SOX 404). Under SOX 404, management must test its internal controls; a TDRA is used to determine the scope of such testing. It is also ...
An entity-level control is a control that helps to ensure that management directives pertaining to the entire entity are carried out. These controls are the second level [clarification needed] to understanding the risks of an organization.