Sarbanes-Oxley Act

(redirected from Sarbox)
Also found in: Financial, Acronyms.

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 ?
SARBOX was passed in the wake of major accounting scandals.
Moreover, Bush's current Securities and Exchange Commission chief, former GOP lawmaker Chris Cox, repeatedly has defended the very Sarbox provisions that Paulson and his cronies want repealed.
A recent survey by research company Hackett Group found that just 12 of 22 companies surveyed had IT representation on their Sarbox steering committees.
At least 200 major corporations have such positions, with 50 added in the two years since Sarbox passed.
They also offer no American tort lawyers, no Sarbox (so far), and no state attorneys general whose ticket to the governor's mansion is punched with headlines on how they are beating up the corporate world.
The Sarbanes-Oxley Act of 2002, commonly referred to as Sarbox, affects many roles within a corporation including: directors, top management, auditors, accountants and financial analysts.
While the SarbOx bounce is far from a re-run of 1999, some suppliers are reporting healthy growth again.
We find that the so-called Sarbox (2002 Sarbanes-Oxley Act) Act was a knee-jerk reaction, drafted too quickly without thought or attention for the outside world.
Diesel Direct supports their clients with management and reporting systems built on Microsoft technology for access to accurate and meaningful data to assist in the management of fuel consumption, SARBOX compliance reporting and a matrix billing system for clients with multiple locations and assets that move between those locations.
Notably SARBOX does not cover non-profits but has raised the awareness level of necessary assurance to stake holders.
See Sarah Johnson, Study: Sarbox Curbs Fraud Whistleblowing,
Other recent linked articles were: "Audit Firms 'Forget' to Register," originally in the New York Times, and "More on Small Accounting Companies and Sarbox," a WebCPA.