Complete definition of Sarbanes Oxley Act
Sarbanes Oxley Act or people usually simplify as SOX, Sarbox or SOA is a US law enacted on July 30, 2002. The Act is designed to oversee the financial reporting landscape for finance professionals. However there are many definition of this law. Here is some of definition
The Sarbanes-Oxley Act of 2002 (Pub.L. 107-204, 116 Stat. 745, enacted 2002-07-30), also known as the Public Company Accounting Reform and Investor Protection Act of 2002 and commonly called SOx or Sarbox; is a United States federal law enacted on July 30, 2002 in response to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of the affected companies collapsed, shook public confidence in the nation’s securities markets. Named after sponsors Senator Paul Sarbanes (D-MD) and Representative Michael G. Oxley (R-OH)
http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act
The Sarbanes-Oxley Act was signed into law on 30 July 2002 by President Bush. The Act is designed to oversee the financial reporting landscape for finance professionals. Its purpose is to review legislative audit requirements and to protect investors by improving the accuracy and reliability of corporate disclosures. The act covers issues such as establishing a public company accounting oversight board, auditor independence, corporate responsibility and enhanced financial disclosure. It also significantly tightens accountability standards for directors and officers, auditors, securities analysts and legal counsel. The law is named after Senator Paul Sarbanes and Representative Michael G. Oxley.
http://www.webopedia.com/TERM/S/Sarbanes_Oxley.html
A corporate governance law which came into effect in 2005. Created in the aftermath of a raft of high-profile financial scandals, including Enron and Worldcom, Sarbanes-Oxley aims to overhaul corporate financial reporting by improving its accuracy and reliability. Accountability standards have also been considerably tightened, and chief executives are to take full responsibility for the accuracy of all financial results by signing a statement to that effect. This latter aspect effectively dismisses the so-called “aw shucks” defense strategy adopted by senior executives involved in earlier financial scandals. Under this strategy, the accused maintained that they were simply not aware of the distortion of financial reporting that took place on their watch.
http://dictionary.bnet.com/definition/Sarbanes-Oxley.html
(Sarbanes-OXley Act) Administered by the Securities and Exchange Commission (SEC) in 2002, SOX regulates corporate financial records and provides penalties for their abuse. It defines the type of records that must be recorded and for how long. It also deals with falsification of data. Affecting data storage capacities and planning, SOX was enacted after the Enron and WorldCom scandals of the early 2000s. The bill was sponsored by Paul Sarbanes, Democratic Senator from Maryland and additionally authored before passage by Michael Oxley, Republican Senator from Ohio.
http://www.techweb.com/encyclopedia/defineterm.jhtml?term=Sox
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