Sarbanes Oxley Act (2002)
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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.
must report any person who?
own over 10% of company
internal fraud team must report
penalty for submitting a report knowing it does not comply
CEO and CFO must certify
under oath that the financial reports of companies are accurate
Public Accounting Oversight Board
New federal agency established to set rules for and regulate accounting firms that audit public companies
Who is affected by SOX
corp officers, directors, and other corp personnel, attys, accountants and auditors