Sarbanes-Oxley Act

(redirected from Sarbanes-Oxley Act of 2002)
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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.
References in periodicals archive ?
The Sarbanes-Oxley Act of 2002 strongly encourages well-developed corporate governance practices within corporations.
believes the ultimate interpretation of the Sarbanes-Oxley Act of 2002 by the SEC and the PCAOB has gone far beyond what the law actually intended.
Now, in the wake of The Sarbanes-Oxley Act of 2002, the cost and exposure of being a public company has never been higher--due to the dramatically increased regulatory, insurance and compliance costs, the surge in shareholder litigation and the overall decline in the public markets.
The ASB also proposed issuance of a new auditing standard, Retention of Records Relevant to Audits and Reviews and Strengthening the Commission's Requirements Regarding Auditor Independence, to reflect certain provisions of the Sarbanes-Oxley Act of 2002 and SEC rules.
3763, the Sarbanes-Oxley Act of 2002, which is intended to curtail corporate wrongdoing and rein in the accounting industry.
The Company said that it also intends to maintain internal control and governance procedures in line with the Sarbanes-Oxley Act of 2002.
The system allows individuals to provide the PCAOB with information concerning any matter relating to the board and its work under The Sarbanes-Oxley Act of 2002.
The SEC approves rules the Public Company Accounting Oversight Board (PCAOB) proposed under the Sarbanes-Oxley Act of 2002 (www.
All companies falling under the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 must prove that their financial statements are accurate and that they apply effective control over the entire reporting chain of financial statements.
He also handles federal and state administrative actions instituted by banking regulators and securities regulators, and counsels clients on various aspects of the Sarbanes-Oxley Act of 2002.
With the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, SAS 70 audits are even more important to our internal reporting processes and controls," said Tony Rosanova, Chief Technology Officer at Zoot Enterprises.