The Sarbanes Oxley Act of 2002

Описание: This video discusses the main effects of the Sarbanes-Oxley Act on companies, executives, and audit firms. Sarbanes-Oxley (also known as SOX) is a federal law that was passed by Congress in response to a wave of accounting frauds in 2002. SOX requires a public company's CEO and CFO to certify that the company's financial statements are accurate. It also increased the penalties for accounting fraud and required firms to test the effectiveness of their internal controls. The company must then issue a report on the effectiveness of its internal controls; similarly, the company's auditor must examine the internal controls of the company and issue a report (this is known as Section 404 of Sarbanes-Oxley). SOX also prohibited audit firms from performing many types of nonaudit services for audit clients, and it created the Public Company Accounting Oversight Board (PCAOB) to regulate the audit industry. Audit firms are required to register with the PCAOB, and the PCAOB creates auditing standards and periodically samples audits to make sure they are of high quality.—
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