![]() This source data must remain intact and cannot undergo undocumented revisions. What does Sarbanes-Oxley compliance require?Īll applicable companies must establish a financial accounting framework that can generate financial reports that are readily verifiable with traceable source data. SarbOx also applies to private companies that are preparing to go public through an initial public offering (IPO). ![]() Who has to comply with the provisions of the Sarbanes-Oxley Act (SarbOx)?Įvery publicly traded company in the United States as well as every publicly traded foreign company doing business in the United States is subject to the provisions of SarbOx. The act is named after its two sponsors, Senator Paul Sarbanes (D-MD) and Representative Michael G. SarbOx sets forth what accounting records should be kept and for how long. The Sarbanes-Oxley Act, also known as the Public Company Accounting Reform and Investor Protection Act of 2002 (SarbOx or SOx for short), was legislation passed in the wake of the Enron and WorldCom financial scandals to protect stockholders and the public from fraudulent accounting practices.
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