Sarbanes Oxley

True/False questions corp officers, directors, and other corp personnel, attys, accountants and auditors → Public Accounting Oversight Board

False It should be → Who is affected by SOX

Sarbanes-Oxley act of 2002: enacted in response to the financial scandals to protect shareholders and the general public from accounting errors and fraudulent practices.

SOX

WHAT IS SOX?

SOX is legislation passed by the U.S. Congress to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise, as well as improve the accuracy of corporate disclosures.

Must report any person who?

Own over 10% of company

New federal agency established to set rules for and regulate accounting firms that audit public companies

Public Accounting Oversight Board