Sarbanes-Oxley (SOX) and Corporate Governance Overview

What is the Sarbanes Oxley Act?

  • US law passed 2002 to strengthen Corporate governance and restore investor confidence.
  • Sponsored by US Senator Paul Sarbanes and US Representative Michael Oxley.
  • Passed in response to a number of major corporate and accounting scandals involving prominent companies in the United States.
  • 11 sections ranging from additional Corporate Board responsibilities to criminal penalties.

What does Sarbanes Oxley Address?

  • Sarbanes Oxley Act Establishes new standards for Corporate Boards and Audit Committees
  • Sarbanes Oxley Act Establishes new accountability standards and criminal penalties for Corporate Management
  • Sarbanes Oxley Act Establishes new independence standards for External Auditors
  • Sarbanes Oxley Act Establishes a Public Company Accounting Oversight Board (PCAOB) under the Security and Exchange Commission (SEC) to oversee public accounting firms and issue accounting standards

Sarbanes Oxley Overview Map

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