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Sarbanes Oxley Act of 2002

Legislation in the United States, passed in 2002, intended to increase transparency in accounting practices. It was adopted in the wake of a series of scandals involving aggressive accounting on the part of a number of major accounting firms, notably Arthur Andersen. Among other provisions, it created the Public Accounting Oversight Board to regulate accounting firms that provide auditing services. It established and enhanced provisions for auditor independence and financial disclosures to limit potential conflicts of interest. It introduced a requirement that the chief executive officer must sign a corporation's tax return and enhanced punishments for white collar crime. Proponents argue that the Act has increased transparency in public accounting, while critics contend that it has driven business outside the United States.


See Sarbanes-Oxley Act of 2002.

References in periodicals archive ?
For $15 you can join Red Sox Nation, the Official Fan Club of the Red Sox ($30 to sign up a youngster in Kid Nation, entitling the holder after seven park visits to dance on the dugout roof with Wally, the Official Mascot of the Boston Red Sox.
There is clearly a double standard and an unbounded and now legally sanctioned witch hunt with the implementation of SOX.
Thomas: SOX made information technology a much more customized product area for our clients.
During the 1917 season, the year the White Sox won the World Series, major league baseball teams conducted military drills for one hour each day.
Red Sox Century owes much to them as well as to the Al Zarillas and Willie Tasbys, the Clyde Vollmers and Don Buddins, the Denny Galehouses, and Calvin Schiraldis, all spearcarriers in this long-running opera that still plays to a packed house.
The only active major league manager, as of Opening Day, to have played for the Red Sox.
Proper SOX compliance will enable all business functions within the company to propose, debate and negotiate what the company's priorities and business initiatives ought to be.
In the article "Unintended Consequences" in the January/February 2005 issue of CEO Magazine, several CEOs voiced complaints about SOX, including: