In a nut shell. What is Sarbanes Oxley?
Answer:
Financial accountability. Having the operational records, auditing processes and oversight committee to prove you do what you say you do.
a nut
Public Company Accounting Reform and Investor Protection Act of 2002 and commonly called SOx or SarbOx; July 30, 2002) is a United States federal law passed in response to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, and WorldCom (now MCI). These scandals resulted in a decline of public trust in accounting and reporting practices. Named after sponsors Senator Paul Sarbanes (D–Md.) and Representative Michael G. Oxley (R–Oh.), the Act was approved by the House by a vote of 423-3 and by the Senate 99-0. The legislation is wide ranging and establishes new or enhanced standards for all U.S. public company Boards, Management, and public accounting firms.
Sarbanes Oxley is a federal statute that was enacted in the wake of the Enron/Arthur Anderson financial meltdowns. It seeks to hold corporate execs civilly and criminally responsible for the accuracy of their financial statements.
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