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15 - The Legal and Regulatory Environment of Business(15th...

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The Legal and Regulatory Environment of Business (15 th ed.) Chapter 15 Sarbanes-Oxley and Securities Regulation See Table 15.1 Laws Regulating Securities Transactions p. 440 I. Sarbanes-Oxley Act of 2002 A. Revitalization of the SEC See p. 444 for the SEC’s expanded role B. Accounting Reforms - SOX created the Public Company Accounting Oversight Board (PCAOB) - has oversight of accounting firms that audit public companies - first important step: separate auditing from consulting C. Corporate Governance - focusing on the independence of auditors - increasing public trust D. Financial Statements and Controls - Section 302 requires CEOs and CFOs to certify the accuracy of the quarterly and annual financial statements filed with the SEC - Must certify the existence of internal financial controls - Controls are subject to an independent auditor’s review SEE Concept Summary on p. 447 for an overview of SOX (Note: we are not covering the Securities Act of 1933 in class and you are not responsible for this material) II. SECURITIES FRAUD: Securities Exchange Act of 1934 (’34 Act)
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  • Fall '11
  • PAGNATTARO
  • U.S. Securities and Exchange Commission, Securities and Exchange Commission, Securities Exchange Act, national securities exchange, Securities Transactions p., I. Sarbanes-Oxley Act

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