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© 2007 PROSKAUER ROSE LLP® SARBANES-OXLEY ACT OF 2002 Presented by: Julie M. Allen firstname.lastname@example.org 212.969.3155
© 2007 PROSKAUER ROSE LLP ® 1 File Number and Name Sarbanes-Oxley Act Enacted July 30, 2002 Response to decline in public trust Corporate and accounting scandals—Enron, Tyco, Worldcom and others
© 2007 PROSKAUER ROSE LLP ® 2 File Number and Name New or enhanced standards — Public company boards and management — Public accounting firms
© 2007 PROSKAUER ROSE LLP ® 3 File Number and Name Administered by: — Securities and Exchange Commission — Stock exchanges — Public Company Accounting Oversight Board
© 2007 PROSKAUER ROSE LLP ® 4 File Number and Name Primary Focus of the Regulations Auditor Independence Corporate governance and responsibility Financial disclosure Internal controls
© 2007 PROSKAUER ROSE LLP ® 5 File Number and Name Auditor Independence Prohibition on non-audit services Preapproval of services by the audit committee Rotate lead auditing partner every five years Independence of auditing firm from issuer
© 2007 PROSKAUER ROSE LLP ® 6 File Number and Name Corporate Governance and Responsibility Independent Audit Committee Corporate whistleblowing Executive officer certification of periodic reports Disgorgement of bonus or incentive compensation in the event of restatement of financials Loans to executives prohibited
© 2007 PROSKAUER ROSE LLP ® 7 File Number and Name Enhanced Financial Disclosure Disclosure of off-balance sheet arrangements Trading by insiders to be reported within 2 business days Code of Ethics for senior financial officers Enhanced real-time disclosure of material events
© 2007 PROSKAUER ROSE LLP ® 8 File Number and Name Section 404—Internal Controls Internal control assessment by management and report Auditor attestation Most controversial aspect of SOX
1 Sarbanes-Oxley Overview. 2 Sarbanes-Oxley Act Summary The Sarbanes-Oxley Act of 2002 §201Prohibited Non-Audit Services §202Audit Committee Pre-Approval.
Sarbanes Oxley Act. WHY? Public Company Accounting Reform and Investor Protection Act of 2002 Response to a number of major corporate and accounting scandals.
Sarbanes-Oxley Act. 2 What Is It? Act passed by Congress in response to the recent and continuing corporate scandals. Signed into law July 30, Established.
Sarbanes Oxley Act. WHY? Public Company Accounting Reform and Investor Protection Act of 2002 Public Company Accounting Reform and Investor Protection.
Sarbanes Oxley Act. The Sarbanes Oxley Act consists of 11 Sections I – Public Company Accounting Oversight Board II – Auditor independence III – Corporate.
Sarbanes Oxley Act. General Provisions of SOX To make rules governing audits of public companies To make rules governing audits of public companies To.
Building on Our Core Values Building on Our Core Values © 2003 by the AICPA The Sarbanes-Oxley Act.
The Integrity of Financial Reporting
Implementation Issues of Sarbanes-Oxley CASE Presentation September 23, 2004 By Denise Farnan.
Sarbanes-Oxley Act of 2002 Ernesto G. Rodriguez EC 521 Winter 2007.
1 4 th session: Corporate Governance – Sarbanes Oxley Performance Evaluation IMSc in Business Administration October-November 2009.
Signed into law on July 30, 2002 Response to highly publicized corporate scandals Provisions affect corporate governance, accounting, and auditing Purpose.
Chapter 4 Ethics and Financial Reporting
OVERVIEW OF SOX. CORPORATE RESPONSIBILITY FOR FINANCIAL REPORTS Principal executive and financial officers are responsible for designing, establishing.
Sarbanes-Oxley: Its effect on the accounting profession Signed into law on July 30, 2002 Response to highly publicized corporate scandals Provisions affect.
Building on Our Core Values Building on Our Core Values The Sarbanes-Oxley Act Public Law (JFZ edited)
Sarbanes-Oxley Act of 2002 UAA – ACCT 316 – Fall 2003 Accounting Information Systems Dr. Fred Barbee.
By: Mark Nelson. Sarbanes-Oxley Overview Named after sponsors Senator Paul Sarbanes and Representative Michael G. Oxley Enacted on July 30, 2002 Contains.
AUDIT COMMITTEES کمیته های حسابرسی. مطلب تویی طالب تویی، هم منتها، هم مبتدا خورشید را حاجب تویی، امید را واجب تویی.
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