The Sarbanes

The Sarbanes - The Sarbanes-Oxley Act of 2002 1 The...

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The Sarbanes-Oxley Act of 2002 1 The Sarbanes-Oxley Act of 2002 Brenda Hawkins Muhammad Siddique ACC100 June 6, 2011
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The Sarbanes-Oxley Act of 2002 2 The Sarbanes-Oxley Act came into force in July 2002 and introduced major changes to the regulation of corporate governance and financial practice. It is named after Senator Paul Sarbanes and Representative Michael Oxley, who were its main architects, and it set a number of non-negotiable deadlines for compliance. The Sarbanes-Oxley Act is arranged into eleven titles. Out of all of the sections the most important sections within these eleven titles are usually considered to be 302, 401, 404, 409, 802 and 906. An over-arching public company accounting board was also established by the act, which was introduced during a host of publicity. Periodic statutory financial reports are to include certifications that the signing officers have reviewed the report; The report does not contain any material untrue statements or material omission or be considered misleading; The financial statements and related information fairly present the financial condition and the results in all material respects; The signing officers are responsible for internal controls and have evaluated these internal controls within the previous ninety days and have reported on their findings; A list of all deficiencies in the internal controls and information on any fraud that involves employees
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This note was uploaded on 06/18/2011 for the course BUS 499 taught by Professor Campbell during the Spring '11 term at Strayer.

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The Sarbanes - The Sarbanes-Oxley Act of 2002 1 The...

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