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Sarbanes-Oxley Act
(redirected from SOX 404)

   Also found in: Financial, Wikipedia 0.01 sec.
Sarbanes-Oxley Act
Administered by the Securities and Exchange Commission (SEC) starting in 2002, the Sarbanes-Oxley Act (SOX) regulates corporate financial records and provides penalties for their abuse. It defines the type of records that must be recorded and for how long. It also deals with falsification of data. Affecting data storage capacities and planning, Sarbanes-Oxley was enacted after the Enron and WorldCom scandals of the early 2000s. The bill was sponsored by Paul Sarbanes, Democratic Senator from Maryland and additionally authored before passage by Michael Oxley, Republican Senator from Ohio. See risk mitigation.


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Also in November, FERF released SOX 404 Optimization: Operational Trends, Accelerated filers that have made efforts to optimize their Section 404 compliance programs have typically followed a three-stage journey: a huge initial effort to achieve compliance; a first rationalization initiative to eliminate wasted time and effort; and another effort to pursue a top-down, risk-based approach prescribed by Auditing Standard 5 (known as AS5).
This third edition is updated to reflect changes that have taken place since the publication of the second edition, with new interpretations from SEC, PCAOB, and COSO, with particular emphasis on SOX 404 as it relates to smaller public companies.
Your accounting department will probably need Sarbanes Oxley training in a variety of different areas, including SOX 404 and intensive instruction on what kind of auditing procedures they need to implement.
 
 
 
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