2006-09-27 05:05:53 · 4 answers · asked by Sarbanes 1 in Business & Finance ➔ Small Business
Financial accountability. Having the operational records, auditing processes and oversight committee to prove you do what you say you do.
2006-09-27 05:07:32 · answer #1 · answered by Plasmapuppy 7 · 0⤊ 0⤋
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.
2006-09-27 05:08:03 · answer #2 · answered by missourim43 6 · 1⤊ 0⤋
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.
2006-09-27 05:14:34 · answer #3 · answered by mzJakes 7 · 0⤊ 0⤋
a nut
2006-09-27 05:07:31 · answer #4 · answered by gwaz 5 · 0⤊ 1⤋