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Shvoong Home>Law & Politics>SOX - Quick Guide Summary

SOX - Quick Guide

Book Summary   by:ThePooh     Original Author: Cathy Sarbanos
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The major corporate scandals in the USA in the early 2000s gave rise to the Sarbanes-Oxley Act (SOX), which targets to prevent misconduct and improve corporate governance practices. Sarbanes-Oxley compliance refers to compliance with the Public Company Accounting Reform and Investor Protection Act of 2002, also known as Sarbanes-Oxley. Sponsored by Senator Paul Sarbanes of Maryland and Representative Michael Oxley of Ohio, the Act was a response to an excess of corporate fraud scandals, such as the Enron case. Sarbanes-Oxley compliance requires that financial institutions carefully document and disclose their internal controls, the ethics codes that employees are subject to, and audit committee reports. Sarbanes-Oxley is a rather complicated act that attempts to prevent corporate fraud. To that end, Sarbanes-Oxley compliance requires attention to many different clauses in the Act.
Published: September 16, 2007   
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