From Elsmar Cove Quality Assurance and Business Standards Wiki
Sarbanes Oxley Act - SOX
The Sarbanes Oxley Act, also known as SOX and Sarbanes-Oxley, is a financial reporting requirement ONLY for publicly traded companies which have the share of their company traded in the United States and thus subject to the United States Security and Exchange Commission.
Summary of Sarbanes Oxley Act of 2002
What is the Sarbox Act or Sarbanes-Oxley Act ?
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Sarbanes-Oxley is a US law passed in 2002 to strengthen Corporate governance and restore investor confidence. Act was sponsored by US Senator Paul Sarbanes and US Representative Michael Oxley.
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Sarbanes-Oxley law passed in response to a number of major corporate and accounting scandals involving prominent companies in the United States. These scandals resulted in a loss of public trust in accounting and reporting practices.
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Legislation is wide ranging and establishes new or enhanced standards for all US public company Boards, Management, and public accounting firms.
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Sarbanes-Oxley law contains 11 titles, or sections, ranging from additional Corporate Board responsibilities to criminal penalties. Requires Security and Exchange Commission (SEC) to implement rulings on requirements to comply with the new law.
What does Sarbanes Oxley Address?
- Establishes new standards for Corporate Boards and Audit Committees
- Establishes new accountability standards and criminal penalties for Corporate Management
- Establishes new independence standards for External Auditors
- Establishes a Public Company Accounting Oversight Board (PCAOB) under the Security and Exchange Commission (SEC) to oversee public accounting firms and issue accounting standards
SOX Humor: What is common among the following words: SarbanesOxley, sarbanes ox, Sabanes Oxley, Sabannes Oxley, sabanas, Saban Oxley, Sabane Oxley, sarban oxly, sorbonne oxley, sarban oxley, sarbannes oxley, sarbane-oxley, sarbanis oxley, sarbanne oxley, sarbanes oaxley, sarban oaxley, sarbanese oxley, sarbonnes oaxley, sorbanne oaxley, serbanes oaxley, sarbane oaxley, Sarbaines Oxley, sarbanesh oxley, Sarbaines Oxely, sarbenes oxley, Sorbane Oxley, Sarbanes Oakley, Sarbane Oxly, Sarbonnes Oxley, Sarbanas Oxlay, sarbane oakley, akslays, sarbain aksley, sarban aksleys, sarbane ausley, sarbans auxey, sarbarnes auxley, sarbin axlays, sabranes oxl, sabarnes axley, sabines exley, sabones osley, sarbone, sarboness, sardane, serbanss, serbians, sirbanes, sirbaness, sirbans, sirbanss, sirbens Oxley, sirbenss Oxley, sorbain Oxley, sorbaine Oxley, sorbanes Oxley, sorbaness Oxley, sorbenes Oxley, sorbeness Oxley, sorbian Oxley?
Sarbanes Oxley is commonly miss spelled in corporate world. All the above refer to the Sarbanes-Oxley Act...
The ASQ (American Society for Quality) has Sarbanes-Oxley information in
• SOX Blog - About Risk Management, Integrated Management Systems, and other related issues
• SOX Community web site
• SOX Conference
There is also an association of Internal Auditors which may have some resources to help you clarify what other financial organizations do to comply with SOX.
Also see these Elsmar Cove forum threads:
SOX linkage to a documented QMS - Detailed Procedures Required?
Concerned about SOX requirements affecting my ISO9001:2000 QMS
SOX integration with existing QMS (Quality Management System)
Incorporating Non-ISO 9001 programs into the QMS (Quality Management System)
