Difference between revisions of "SOX"

Revision as of 22:21, 8 April 2017

The Sarbanes-Oxley Act of 2002 is the name of a Congressional Act in the United States that sets regulatory requirements for corporate governance and internal control. Sarbanes-Oxley Act of 2002 applies to publicly traded companies and some provisions also apply to privately held organizations.

Table of Contents

• Title I - Public Company Accounting Oversight Board
  • Section 102 - Registration with the Board
  • Section 103 - Auditing, quality control, and independence standards and rules
  • Section 104 - Inspections of registered public accounting firms
  • Section 105 - Investigations and disciplinary proceedings
  • Section 106 - Foreign public accounting firms
  • Section 107 - Commission oversight of the Board
  • Section 108 - Accounting standards
  • Section 109 - Funding
• Title II - Auditor Independence
  • Section 201 - Services outside the scope of practice of auditors
  • Section 202 - Preapproval requirements
  • Section 203 - Audit partner rotation
  • Section 204 - Auditor reports to audit committees
  • Section 205 - Conforming amendments
  • Section 206 - Conflicts of interest
  • Section 207 - Study of mandatory rotation of registered public accounting firms
  • Section 208 - Commission authority
  • Section 209 - Considerations by appropriate State regulatory authorities
• Title III - Corporate Responsibility
  • Section 301 - Public company audit committees
  • Section 302 - Corporate Responsibility For Financial Reports
  • Section 303 - Improper influence on conduct of audits
  • Section 304 - Forfeiture of certain bonuses and profits
  • Section 305 - Officer and director bars and penalties
  • Section 306 - Insider trades during pension fund blackout periods
  • Section 307 - Rules of professional responsibility for attorneys
  • Section 308 - Fair funds for investors
• Title IV - Enhanced Financial Disclosures
  • Section 401 - Disclosures in periodic reports
  • Section 402 - Enhanced conflict of interest provisions
  • Section 403 - Disclosures of transactions involving management and principal stockholders
  • Section 404 - Management Assessment Of Internal Controls
  • Section 405 - Exemption
  • Section 406 - Code of ethics for senior financial officers
  • Section 407 - Disclosure of audit committee financial expert
  • Section 408 - Enhanced review of periodic disclosures by issuers
  • Section 409 - Real time issuer disclosures
• Title V - Analyst Conflicts of Interest
  • Section 501 - Treatment of securities analysts by registered securities associations and national securities exchanges
• Title VI - Commission Resources and Authority
  • Section 601 - Authorization of appropriations
  • Section 602 - Appearance and practice before the Commission
  • Section 603 - Federal court authority to impose penny stock bars
  • Section 604 - Qualifications of associated persons of brokers and dealers
• Title VII - Studies and Reports
  • Section 701 - GAO study and report regarding consolidation of public accounting firms
  • Section 702 - Commission study and report regarding credit rating agencies
  • Section 703 - Study and report on violators and violations
  • Section 704 - Study of enforcement actions
  • Section 705 - Study of investment banks
• Title VIII - Corporate and Criminal Fraud Accountability
  • Section 801 - Short Title
  • Section 802 - Criminal penalties for altering documents
  • Section 803 - Debts nondischargeable if incurred in violation of securities fraud laws
  • Section 804 - Statute of limitations for securities fraud
  • Section 805 - Review of Federal Sentencing Guidelines for obstruction of justice and extensive criminal fraud
  • Section 806 - Protection for employees of publicly traded companies who provide evidence of fraud
  • Section 807 - Criminal penalties for defrauding shareholders of publicly traded companies
• Title IX - White-Collar Crime Penalty Enhancements
  • Section 901 - Short Title
  • Section 902 - Attempts and conspiracies to commit criminal fraud offenses
  • Section 903 - Criminal penalties for mail and wire fraud
  • Section 904 - Criminal penalties for violations of the Employee Retirement Income Security Act of 1974
  • Section 905 - Amendment to sentencing guidelines relating to certain white-collar offenses
  • Section 906 - Corporate responsibility for financial reports
• Title X - Corporate Tax Returns
  • Section 1001 - Sense of the Senate regarding the signing of corporate tax returns by chief executive officers
• Title XI - Corporate Fraud and Accountability
  • Section 1101 - Short Title
  • Section 1102 - Tampering with a record or otherwise impeding an official proceeding
  • Section 1103 - Temporary freeze authority for the Securities and Exchange Commission
  • Section 1104 - Amendment to the Federal Sentencing Guidelines
  • Section 1105 - Authority of the Commission to prohibit persons from serving as officers or directors
  • Section 1106 - Increased criminal penalties under Securities Exchange Act of 1934
  • Section 1107 - Retaliation against informants

Notes

Sarbanes-Oxley Act of 2002 was named after its sponsors Paul Sarbanes and Michael Oxley. Governance, Risk & Compliance

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