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About the Sarbanes Oxley Act

Highlights of the Sarbanes Oxley Act

In the wake of the Enron and Worldcom scandals, the Sarbanes Oxley Act was created to inspect and monitor companies in an attempt to protect shareholders and investors of the companies. Some highlights under the Sarbanes Oxley Act defines which records are to be stored and for how long. These regulations affect the IT departments of corporations specifically. The IT departments are responsible for storing a company's business records. Highlights of the Sarbanes Oxley Act include issues dealing with the destruction, alteration, or falsification of these records. read more about Sarbanes Oxley>

 

 

 
SEC Implements Internal Control Provisions of Sarbanes-Oxley Act; Adopts Investment Company R&D Safe Harbor

Washington, D.C., May 27, 2003 — The Securities and Exchange Commission today voted to adopt rules concerning management's report on internal control over financial reporting and certification of disclosures in Exchange Act periodic reports. The Commission also voted to adopt new Rule 3a-8 under the Investment Company Act to provide a nonexclusive safe harbor from the definition of investment company for certain research and development companies.

Management's report on internal control over financial reporting and certification of disclosure in Exchange Act periodic reports
The Commission voted to adopt rule and form amendments to implement requirements of Section 404 of the Sarbanes-Oxley Act of 2002.

Management's Report on Internal Control over Financial Reporting
Section 404 of the Act directs the Commission to adopt rules requiring each annual report of a company, other than a registered investment company, to contain (1) a statement of management's responsibility for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and (2) management's assessment, as of the end of the company's most recent fiscal year, of the effectiveness of the company's internal control structure and procedures for financial reporting. Section 404 also requires the company's auditor to attest to, and report on management's assessment of the effectiveness of the company's internal controls and procedures for financial reporting in accordance with standards established by the Public Company Accounting Oversight Board. The Commission received over 60 comments on the Section 404 proposals that expressed general overall support for the Commission's approach to implementing Section 404 of the Act. The adopting release will incorporate a number of changes recommended by commenter. Read more>




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