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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 ...
Section 302 of the Sarbanes–Oxley Act specifically refers to the corporate responsibilities of the "signing officers" responsible for signing-off financial reports and accounts. [ 2 ] [ 3 ] In the UK and Europe, the term is more generally associated with the local and Europe-wide regulations holding companies accountable to their stakeholders.
Certified Sarbanes-Oxley Professional (CSOXP) is a credential awarded by the governance, risk & compliance group (The GRC Group). The CSOXP credential communicates that certified professionals have the knowledge listed below: [1] The key tenets of the SOX Act; The history and impact of the SOX Act; Industry-accepted frameworks and principles
In the United States, the Public Company Accounting Oversight Board develops standards (Auditing Standards or AS) for publicly traded companies since the 2002 passage of the Sarbanes–Oxley Act; however, it adopted many of the GAAS initially. The GAAS continues to apply to non-public/private companies.
Compliance requirements are only guidelines for compliance with the hundreds of laws and regulations applicable to the specific type assistance used by the recipient, and their objectives are generic in nature due to the large number of federal programs. [1] Each compliance requirement is identified by a letter, in alphabetical order.
The standard consists of five sections, as aside, four of which subsume fourteen principles: [3] The principles of the standard are, in turn, broken down into more detailed paragraphs. Even on the lowest level it is a principle based-standard with few clear and defined metrics which can be used to monitor compliance.
Regulations and accrediting organizations vary among fields, with examples such as PCI-DSS and GLBA in the financial industry, FISMA for U.S. federal agencies, HACCP for the food and beverage industry, and the Joint Commission and HIPAA in healthcare. In some cases other compliance frameworks (such as COBIT) or even standards inform on how to ...
Piazza, Peter. "IT security requirements of Sarbanes-Oxley." Security Management June 2004: 40(1). "Sarbanes-Oxley Section 404: An overview of PCAOB's requirement." KPMG. April 2004. "Sarbanes-Oxley Spending in 2004 More Than Expected: Spending for section 404 compliance averaged $4.4 million in 2004, a survey finds." InformationWeek March 22 ...
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