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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 ?
Red Sox Century shows the seasonal ups and downs in exquisitely vivid hues.
The Red Sox look forward to working with owner Pete Carfagna and his staff to bring a top-quality ballclub to Lancaster,'' Boston farm director Mike Hazen said in a prepared statement.
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Kelvim Escobar, who lost both Games 2 and 5 of the ALCS, will have a shot at revenge against the White Sox today but insists he isn't thinking about the past.
For two hours prior to game time, The Red Sox Wives will greet fans making donations at each of Fenway Park's gates.
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