Part 8
Toolbox
UNDERSTANDING SARBANES-OXLEY
If you are anywhere near your finance department, you have heard of Sarbanes-Oxley, also known as Sarbox or just Sox. Sarbanes-Oxley is a law enacted by the US Congress in July 2002 in response to continuing revelations of financial fraud. It may be the most significant legislation affecting corporate governance, financial disclosure, and public accounting since the original US securities laws were enacted in the 1930s. It is designed to improve the public’s confidence in the financial markets by strengthening financial reporting controls and the penalties for noncompliance.
Sarbanes-Oxley’s provisions affect nearly everyone involved with finance (and most of the operations folks, too). The law created ...
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