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"Sarbanes-Oxley" If this is one of the sets of words that
fills you with dread, you should get educated now.
If
you do not know what the Sarbanes-Oxley Act of 2002 is, and whether it applies
to your corporation, you should know! The information on this federal act and
the education we do on it, is at
our
separate
corporate seminar site of Corporate-Ethics.US .
Go to
Corporate-Ethics.US, the division of
Bucklin.Org for corporate ethics and governance education, seminars,
training, consultations, and projects. |
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Sarbanes-Oxley was sponsored by US Senator Paul Sarbanes and US
Representative Michael Oxley. This federal legislation was passed in response to a number of major corporate
and accounting scandals involving prominent companies in the United States.
These scandals resulted in a loss of public trust in corporate America, and
the act intended to restore public confidence in a corporate governance, by
providing more self-disclosure. Sarbanes-Oxley covers issues such as corporate
governance, internal control assessment, and enhanced financial disclosure.
The Sarbanes-Oxley Act of 2002 (Pub.L. 107-204, 116 Stat. 745,
enacted July 30, 2002), also known as the Public Company Accounting Reform and
Investor Protection Act of 2002 is commonly called Sarbanes-Oxley, Sarbox or
SOX.
Sarbanes-Oxley legislation is wide ranging and establishes new or
enhanced standards for all US public company boards, management, and
public accounting firms. Whether it has any beneficial effect
can be debated. Let's face it: for example, for an outside
account to challenge its client's accounting approach might damage a
client relationship, conceivably placing a significant auditing
contract, damaging the auditing firm's bottom line. Therefore SOX also
had to create created a new, quasi-public agency, the Public Company
Accounting Oversight Board, or PCAOB, charged with overseeing,
regulating, inspecting and disciplining accounting firms in their
roles as auditors of public companies. Yet, today, after the
financial disclosures of wrongdoing in major financial companies, it
appears that "outside" auditors still fail to accomplish discovery of
huge schemes of deception. That's why we believe effective
corporate governance is something that is best accomplished within the
company, not best accomplished by externally required check-the-box
regulations.
Our
corporate business educational services division's maxim:
"Distinguished experts delivering customized education."
The corporate business ethics seminar service is
by the group of business ethics experts known as Corporate-Ethics
US™.
Corporate-Ethics
US™ (CEUS)
is a round table group of distinguished business ethics Ph.D. and J.D. experts
that provide corporate business ethics seminar education, governance advice, and
crisis management consultations.
Pragmatic
business ethics advice to prevent and contain corporate crisis.
Go to
Corporate-Ethics.US, the division of Bucklin.Org for
corporate ethics and governance education, seminars, training, consultations,
and projects.
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