ices to restore and bring back the confidence of

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The Sarbanes Oxley Act Mikko Rantanen Jersey , otherwise known in the Senate as the "Public Company Accounting Reform and Investor Protection Act" or in the House as the "Corporate and Auditing Accountability and Responsibility Act" is a U.S. federal law enacted on the 30th of July, 2002, as a response to many major accounting and corporate scandals including those that affected Tyco International Gabriel Landeskog Jersey , Enron, Peregrine Systems, Adelphia Nathan MacKinnon Jersey , and WorldCom.

These corporate scandals, which caused investors to incur billions of dollars due to the collapse of share prices, shook the public confidence in the securities markets of the nation. Named after Paul Sarbanes Colorado Avalanche Jersey , former U.S. Senator, and Michael G. Oxley, former U.S. Representative Patrick Kane Jersey , the Sarbanes Oxley Act was approved and passed by the House after with 423-3 votes and by the Senate with 99-0 votes.

It was signed into law by Former President George W. Bush, stating that this act included the most extensive reforms of the American business practices since Franklin D. Roosevelt's administration.

The new legislation enhanced the standards for all the public company boards and public accounting and management firms in the U.S. However, the Sarbanes Oxley Act is not applicable to privately-held companies. It contains 11 sections or titles Corey Crawford Jersey , ranging from new corporate board responsibilities to new criminal penalties. It also requires the SEC or the Securities and Exchange Commission to put into practice the rulings on the requirements to adhere to the new law.

As mentioned above, the Sarbanes Oxley Act contains 11 sections describing specific requirements and mandates for financial reporting. Each section or title is summarized below:

1. Public Company Accounting Oversight Board

Title 1 is consist of nine sections and created the Public Company Accounting Oversight Board (PCAOB) to oversee all registered public accounting firms offering audit services.

2. Auditor Independence

Title II establishes the standards for the independence of external auditor to limit the conflicts of interest.

3. Corporate Responsibility

Title III allows the senior executives to assume individual responsibility for the completeness and accuracy of corporate financial reports.

4. Enhanced Financial Disclosures

Title IV describes the enhanced reporting requirements for different financial transactions of corporate officers, such as pro-forma figures Jonathan Toews Jersey , off-balance-sheet transactions, and the stock transaction.

5. Analyst Conflicts of Interest

Title V includes the measures designed to help in the restoration of investor's confidence in the securities analysts' reporting.

6. Commission Resources and Authority

Title VI defines the practices to restore and bring back the confidence of investors in securities analysts. It also defines the authority of SEC to bar or censure securities professionals from their practice. It also defines the different conditions that may cause a person to be barred from practicing his profession as an advisor, broker Duncan Keith Jersey , or dealer.

7. Studies and Reports

Title VII requires the SEC and the Comptroller General to conduct different studies and report whatever their findings are.

8. Corporate and Criminal Fraud Accountability

Title VIII is often referred to as the 2002 Corporate and Criminal Fraud Act.

9. White Collar Crime Penalty Enhancement

This section is also known as the "2002 White Collar Crime Penalty Enhancement Act."

10. Corporate Tax Returns

Title X states that the company tax return should be signed by the Chief Executive Officer (CEO).

11. Corporate Fraud Accountability

Title XI determines corporate fraud and considers tampering as a criminal offense. It also modifies the sentencing guidelines to strengthen the penalties for such offense. Custom Kitchens Using Online Kitchen Cabinets Including RTA Cabinets
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