Sarbanes Oxley Act of 2002

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Sarbanes Oxley Act of 2002

Legislation passed largely as a result of a number of accounting scandals. Among the many features is the creation of the Public Company Accounting Oversight Board. This board is charged to: The Board shall: 1) register public accounting firms; 2) establish, or adopt, by rule, auditing, quality control, ethics, independence, and other standards relating to the preparation of audit reports for issuers; (3) conduct inspections of accounting firms; (4) conduct investigations and disciplinary proceedings, and impose appropriate sanctions; (5) perform such other duties or functions as necessary or appropriate; (6) enforce compliance with the Act, the rules of the Board, professional standards, and the securities laws relating to the preparation and issuance of audit reports and the obligations and liabilities of accountants with respect thereto; (7) set the budget and manage the operations of the Board and the staff of the Board.

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.
References in periodicals archive ?
Just when corporate America thought it had met all of the reporting and auditing demands resulting from the Sarbanes Oxley Act, another piece of Senate legislation is pending that would assess huge fines for financial service companies and other data managers that fail to adequately protect personal data.
Following implementation of the Sarbanes Oxley Act in 2002, SAS 70 audit reports became essential to full compliance with the act's external service control requirements.
As an "accelerated filer," the Company is required to comply with Section 404 of the Sarbanes Oxley Act of 2002 for the year ended December 31, 2004.
Such statements appear in a number of places in this release and include statements regarding the intent, belief or current expectations of 99 Cents Only Stores (the "Company"), its directors or officers with respect to, among other things (a) trends affecting the financial condition or results of operations of the Company, (b) the business and growth strategies of the Company, and (c) the status of the Company's compliance with Section 404 of the Sarbanes Oxley Act of 2002.
meet Sarbanes Oxley Act and Basle II requirements and benefit from
Sarbanes Oxley Act and fulfill Basle II mandates on the identification, collection and evaluation of operational risk in financial institutions.
Fitch Ratings reported recently that the increasing voluntary adoption of Sarbanes Oxley Act (SOX) in U.
Today the Securities and Exchange Commission and the Public Company Accounting Oversight Board announced that the PCAOB has been determined to be appropriately organized and has the capacity to carry out the requirements of the Sarbanes Oxley Act.
We believe the proposed standards are an appropriate response to the Sarbanes Oxley Act and would raise the bar on public company audits to the ultimate benefit of the investor.