The Sarbanes-Oxley Act, legislation passed in 2002, has a large effect on accounting practices for any level of business, and its ramifications reach from corporate accounting into other areas like municipal accounting as CPAs and public accountants throughout the financial industry consider the provisions of the act. Sarbanes-Oxley is an attempt toward reforming some accounting practices that tend to contribute to problems within the financial field.
The Sarbanes-Oxley act of 2002 was a piece of legislation that affects how any accounting firm does business. Auditors and accountants pay close attention to the Sarbanes-Oxley Act or SOX ACT for short, when advising any business, whether it's a mega-firm or a small administrative agency.
The Sarbanes-Oxley act, otherwise known as SOX, came from the federal government in 2002, in the wake of some pretty heavy financial scandals. There are many provisions in SOX, such as reporting requirements, record policies and much more, in order to make sure that corporations are responsible in keeping with their impacts on markets, investors, stock holders and the general public.
. FEI Survey (Annual): Finance Executives International (FEI) provides an annual survey on SOX Section 404 costs.
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Sarbanes Oxley Compliance. The Sarbanes-Oxley Act explained. Information, guidence and resources covering the legislation.
Guide to SOX Compliance: Regulations, Requirements, Auditing, Intermal Controls, 404 Compliance. Click Here.
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Here are some policies and procedures the act requires of every corporation:
With the passing of the Sarbanes-Oxley Act of 2002, public businesses have been placed into a new realm of scrutiny when it comes to the management and accounting for shareholder interests. SOX has created a new environment in which all publically held businesses much survive and flourish. Making sure their company meets the new standards is a requirement that many businesses are taking very seriously. But how can you be sure that your business is meeting all of the requirements of this law? .
The easiest and most efficient manner in which to make sure your company is meeting all of the terms of each of the 11 titles of the Sarbanes-Oxley Act is to utilize specialized software that has been designed to ensure complete and total compliance with the SOX. There are also training courses available to teach your staff the intricacies of the law, as well as hotlines into which you may direct questions for clarification. On the left side of this page you will find a listing of important resources that can help you determine if your company is in compliance with SOX, as well as information concerning software applications designed to keep your business in full compliance.
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