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What Sarbanes Oxley

What Sarbanes Oxley

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Published by Kelam Beat

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Categories:Types, Business/Law
Published by: Kelam Beat on Nov 12, 2010
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11/12/2010

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What Sarbanes-Oxley? Sarbanes-Oxley Act of 2002, U.S.

federal law, recent major corporate and account ing scandals including Enron, Tyco International and WorldCom (now MCI). These s candals are declining public confidence in the accounting and reporting. It is f or sponsors Senator Paul Sarbanes (D-Md.) and Michael G. Rep. Named Oxley (R-Oh. ) Act of Parliament approved by a vote of 423-3 and the Senate 99-0. Bill is wid e-ranging rules, and new or improved features for managing all U.S. public compa nies and audit firms. The first and most important of the Act introduces a new p arastatal, the Public Company Accounting Oversight Committee, responsible for su pervision and discipline accounting firms in their roles as auditors of public c ompanies. Some of the main provisions of the Sarbanes-Oxley Act: - Certification of annual financial statements and the Executive Chairman and CE O CFO - Mayor of Independence, including the absolute prohibition of certain types of work for clients and pre-qualification committee for the control of the company in all other non-audit - The requirement that listed companies are completely independent audit committ ees to monitor the relationship between the company and its auditors - Significantly longer in prison and a fine of not more entrepreneurs who provid e false information knowingly and voluntarily, even if the rates largely irrelev ant, because the judges the guidelines for federal prison, a real definition - The company gives workers the protection of whistleblowers OSHA complaints of fraud within 90 days to win reinstatement, back pay and benefits, damages, reduc ed orders, and "legal fees and costs is reasonable.

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