Sarbanes Oxley Act Of 2002 Essay

Sarbanes Oxley Act Of 2002 Essay

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Sarbanes–Oxley Act Sarbanes-Oxley Act of 2002 Long title The Sarbanes-Oxley Act of 2002 (often shortened to 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.

The U.S. Securities and Exchange Commission (SEC) administers the act, which sets deadlines for compliance and publishes rules on requirements. Nicknames Sarbanes-Oxley, Sarbox, SOX Enacted by the 107th United States Congress Citations Public law Pub.L. 107–204 Statutes at Large 116 Stat. 745 Codification Acts amended Securities Exchange Act of 1934, Securities Act of 1933, Employee Retirement Income Security Act of 1974, Investment Advisers Act of 1940, Code, Title Titles amended 15, 18, 28, 29 Legislative history:

• Introduced in the House as "Corporate and Auditing Accountability, Responsibility, and Transparency Act of 2002" (H.R. 3763) by Mike Oxley (R-OH) on February 14, 2002
• Committee consideration by House Financial Services, Senate Banking
• Passed the House on April 24, 2002 (334–90)
• Passed the Senate as the "Public Company Accounting Reform and Investor Protection Act of 2002" on July 15, 2002 (voice vote, in lieu of S. 2673 passed 97–0)
• Reported by the joint conference committee on July 24, 2002; agreed to by the House on July 25, 2002 (423–3) and by the Senate on July 25, 2002 (99–0)
• Signed into law by President George W. Bush on July 30, 2002 Sen. Paul Sarbanes (D–MD) and Rep.

Michael G. Oxley (R–OH-4), the co-sponsors of the Sarbanes–Oxley Act. Accounting The Sarbanes–Oxley Act of 2002 (Pub.L. 107–204, 116 Stat. 745, enacted July 30, 2002), also known as the "Public...


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...d this as one purpose the United States monetary sector is losing market share to other fiscal centers global. [4]

Proponents of the measure stated that SOX has been a "godsend" for improving the boldness of fund managers and different investors in regards to the veracity of corporate fiscal statements. [5] The 10th anniversary of SOX coincided with the passing of the Jumpstart Our business Startups (JOBS) Act, designed to give rising companies a financial raise, and cutting back on a number of regulatory necessities. Major factors Public enterprise Accounting Oversight Board

1. Title I consists of nine sections and establishes the general public manufacturer Accounting Oversight Board, to provide independent oversight of public accounting organizations delivering audit services ("auditors"). It also creates a principal oversight board tasked with registering

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