Sarbanes Oxley (SOX)
The Sarbanes-Oxley Act of 2002 (SOX) is a law passed by the US Federal Government intended to protect investors from fraudulent accounting practices, passing shortly after the Enron, Tyco, and Worldcom...More
accounting scandals. SOX increased the regulations and requirements of public companies to enlist external auditors in addition to heightened internal audit controls (Section 404), as well as statements from both the senior management of an organization and auditors confirming the accuracy and integrity of the accounting, reporting and auditing controls involved in the company’s reporting activities (Section 302). Additionally, Sox outline penalties for violations to the requirements it sets out, as well as a specific section for penalties designed to protect whistleblowers (Section 1107).
This Act created the Public Company Accounting Oversight Board (PCOAB), the organization providing oversight and registration to auditors and defining compliance methodology. Less
This Act created the Public Company Accounting Oversight Board (PCOAB), the organization providing oversight and registration to auditors and defining compliance methodology. Less
Recent Activity
Brenda Morris (CFO, Love Culture Inc.)
There was debate today over legislation to permanently exempt midsize public corporations from outside audits of their internal controls over financial reporting, a requirement that dates from the post-Enron Sarbanes-Oxley Act of 2002. At issue is a bill...
Ernie Humphrey (VP, Educational Programs, Proformative)
Presidential candidates have identified "Sarbanes-Oxley" as a major detriment to job growth and some are calling for its repeal. Those call for its repeal include Newt Gingrich:http://www.washingtonpost.com/business/gingrich-says-hed-repeal-sarbanes-oxley-dodd-...
Ernie Humphrey (VP, Educational Programs, Proformative)
Ensuring SOX compliance when integrating an acquired company is key focal point of managing the risk assocaited with the integration. I would like to share a whitepaper from PwC that offers great insights into mitigating this risk:http://www.pwc.com/en_US/us/transaction-...
Ernie Humphrey (VP, Educational Programs, Proformative)
I would like to share an insightful whitepaper authored by Deloitte that offers what they view as the top 10 threats to SOX 404 compliance: http://www.deloitte.com/assets/Dcom-Shared%20Assets/Documents/us_assur_TenThreatsSep2004.pdf These threats "stand the test...
Ernie Humphrey (VP, Educational Programs, Proformative)
The SEC recently released Dodd-Frank Act’s whistleblower provisions. The following is a link to a free webinar that outlines learn best practices for identifying and minimizing risks related to SOX and Dodd-Frank whistleblower claims courtesy of Corporate...
Ernie Humphrey (VP, Educational Programs, Proformative)
I would like to share a link from the PCAOB website that has outlines their current activities which could affect intercations with auditors and financial reporting: http://pcaobus.org/Standards/Pages/CurrentStatus.aspx
Ernie Humphrey (VP, Educational Programs, Proformative)
This resouce is a link to a section on the SEC website that details SEC Press Releases, FAQs, and Final Rulemaking related to Sarbanes-Oxley: http://www.sec.gov/spotlight/sarbanes-oxley.htm
Ernie Humphrey (VP, Educational Programs, Proformative)
I would like to share a link to a resource that offer a basic overview of all main sections of the Sarbanes-Oxley Act and can serve as a basic primer or 101 reference guide: http://www.sarbanes-oxley-101.com/
Ernie Humphrey (VP, Educational Programs, Proformative)
The following is a link to a very high level overview of the Sarbanes-Oxley Act including the main section highllights: http://www.sarbanesoxleyresources.com/
