Post 3 (2) - Christina Lahay 23 Feb 11 8:48 PM MST Initial...

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Christina Lahay 23 Feb 11 8:48 PM MST Initial Post: Sarbanes- Oxley Act : 2002 On July 30th, President Bush signed the most dramatic change to federal securities laws since the 1930"s. The SOX Act radically redesigned federal regulations of a public company corporate governance and reporting obligations. It also tightens significantly accountability standards for directors, officers,auditors,security, analysts, and legal counsel ( Accounting) Effective Immediately all annual reports filed with the SEC containing financial statements must include all materials corrections identified by public accounting firm. This legislation affects both ethical and legal behavior: Ethical:Real-time disclosures Officer certification Increasing transparency Independence - now a law, not a virtue Mandated SEC review Final rules for pro forma statements due by January 26, 2003 New audit committee requirements - April 26, 2003 deadline Loans and certain trades prohibited - effective Legal:Congress has given new powers to the SEC:
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Post 3 (2) - Christina Lahay 23 Feb 11 8:48 PM MST Initial...

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