SARBANES-OXLEY ACT

Sarbanes-Oxley Act

History of SOX Act

House of Representatives has already passed in April 2002, which is accountability, responsibility, and transparency of the company - Oxley Act's financial situation. Senator Paul Sarbanes, was of the view that there is another line of similar proposals. He presented a bill, the majority of the Senate Banking Committee passed the bill. So far representatives of both sides and Senator Paul Sarbanes-Oxley Act established a settlement proposed that both sides in an operation in the House of Representatives, which is now the Sarbanes - Oxley Act and famous. Sarbanes-Oxley Act into effect, mainly because, like Enron, WorldCom, and Sarbanes-Oxley Act from the funds dedicated to the scandal of other corporate giants have legislation on corporate governance, financial disclosure and accounting seriously affect the most important part of the model company.

Sarbanes-Oxley Act introduced after the entry into force of the accounting and financial statements disclosed in the company have made tremendous progress. This improvement is possible, because the stringent requirements of Sarbanes-Oxley requirements. This improvement is conducive to investor confidence, as well as legislation to protect the company and the United States. In addition, it can help build a public company accounting oversight board, auditor independence and corporate responsibility and financial disclosure. Most companies focus on 13 specific areas of work, the attention of the Sarbanes-Oxley Act. 13 is the most important areas of the financial impact of the feeling. Group 404 is the leading Sarbanes-Oxley Act financial reporting under the provisions of the financial sector, to strengthen internal accounting staff are most concerned about is the more stringent control. (Kohn, 2004)

It has now become a company must have a Sarbanes-Oxley Act. These companies need to meet Sarbanes-Oxley Act deadline. The most important is, first of all, corporate financial reporting should be consistent with any specific certification, the task of the financial statements and November 15. This period is revised from the June 15 deadline earlier. Second, to comply with Sarbanes-Oxley pointed out that small companies and foreign companies should meet the July 15 statement submitted to the task. This period was revised from the April 15 early deadline. Sarbanes-Oxley financial and accounting have been drafted, but in the Enron and the world for the cam, at the same time, the U.S. Senate and House of Representatives unanimously and the draft law on corporate giants equivocally the common behavior of financial fraud. Therefore, the Sarbanes-Oxley Act is organized into eleven titles; the first of 302,404,401,409,802 and 906 is the most important because they refer to the company's financial reporting and compliance with any of the internal control. (Koniak, 2010)

Management responsibility for issuance of financial statements

1933 and the Securities Exchange Act of 1934 requires listed issuers to the U.S. Securities and Exchange Commission filings provide a certain period, such as the Quarterly Report (Form 10 - Q), (Form 10 km) of the annual report, the current report (Table 8 - K). In response to the financial statements, a number of material misstatement of the company, including the provisions ...