Sarbanes Oxley act changed the way how public companies do business in this world after the debacle at Enron and WorldCom.
All the Public Companies should understand what Sarbanes Oxley means to them and how they should be compliant in each one of their financially critical business process.
Objective of Sarbanes Oxley To protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes.
Sarbanes Oxley Act was enacted on January 23,2002 was sponsored by Banking committee chairman Paul Sarbanes and Congressman Michael G.
Oxley Sarbanes Oxley Act Key Facts Introduced new standards of corporate accountability as well a new penalties including jail term for fraud Stresses importance on accuracy and reliability of financial results Executive Management of the company is responsible for the accuracy and reliability of the financial reports Stresses that there are sufficient internal controls available to prove the accuracy of financial data Sarbanes Oxley Non-Compliance Penalties Non compliance penalties range from the loss of exchange listing, loss of D&O insurance to multimillion dollar fines and imprisonment A CEO/CFO who submits a fraud certificate for financial results can receive a fine of up to 1 million dollar or up to 10 years jail term A willful submission of wrong financial certification can result in fines of up to 5 million dollars Possible delisting of the company from Stock Exchanges Loss of D&O insurance which can cause the company to pay millions of dollars in risk insurance Sarbanes Oxley Act applies to Public US companies International Companies with equity or debt securities in SEC Accounting firms providing auditing services to Public US companies and International companies
All the Public Companies should understand what Sarbanes Oxley means to them and how they should be compliant in each one of their financially critical business process.
Objective of Sarbanes Oxley To protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes.
Sarbanes Oxley Act was enacted on January 23,2002 was sponsored by Banking committee chairman Paul Sarbanes and Congressman Michael G.
Oxley Sarbanes Oxley Act Key Facts Introduced new standards of corporate accountability as well a new penalties including jail term for fraud Stresses importance on accuracy and reliability of financial results Executive Management of the company is responsible for the accuracy and reliability of the financial reports Stresses that there are sufficient internal controls available to prove the accuracy of financial data Sarbanes Oxley Non-Compliance Penalties Non compliance penalties range from the loss of exchange listing, loss of D&O insurance to multimillion dollar fines and imprisonment A CEO/CFO who submits a fraud certificate for financial results can receive a fine of up to 1 million dollar or up to 10 years jail term A willful submission of wrong financial certification can result in fines of up to 5 million dollars Possible delisting of the company from Stock Exchanges Loss of D&O insurance which can cause the company to pay millions of dollars in risk insurance Sarbanes Oxley Act applies to Public US companies International Companies with equity or debt securities in SEC Accounting firms providing auditing services to Public US companies and International companies
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