What is the Sarbanes-Oxley Act of 2002? 11 pages

May 12th, 2015
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is best understood, however, not as a piece of legislation centered on a new concept of regulation, but as a process which mandated that many major reforms be implemented as soon as possible (in some cases, within 30 days) on the precise schedule specified by Congress. In that sense, the Enron and WorldCom debacles provided the impetus of public outrage that forced into effect some of the most readily available refo

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What is the Sarbanes-Oxley Act of 2002?The Sarbanes-Oxley Act of 2002 its official name being Public Company Accounting Reform and Investor Protection Act of 2002 is recognized to be the most significant U.S. federal disclosure and corporate governance legislation since the Securities Act of 1933 (the Securities Act) and the Securities Exchange Act of 1934 (the Exchange Act), and, the provisions of the Act are significant enough that it is considered by many to be the most significant change to federal securities laws in the U.S. since the New Deal. It is best understood, however, not as a piece of legislation centered on a new concept of regulation, but as a process which mandated that many major reforms be implemented as soon as possible (in some cases, within 30 days) on the precise schedule specified by Congress. In that sense, the Enron and WorldCom debacles provided the impetus of public outrage that forced into effect some of the most readily available reform proposals for publicly traded companies, many of which had existed for years without sufficient political imperative to be enacted.[1] The Act provides for new levels of auditor independence; personal accountability for CEOs and CFOs; additional accountability for corporate Boards; increased criminal and civil penalties for securities violations; increased disclosure regarding executive compensation, insider trading and financial statements; and certification of intern

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