Sarbanes-Oxley Act

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The adherence and compliances to those provisions containing such measures are noteworthy Certifications under section 302 of the act are required on periodic financial reports to ensure the following That authorities signing the reports have reviewed the financial reports The reports are free from material misstatements and omissions making the report misleading That the related information is fairly stated in the financial statements The officers signing the reports have evaluated the working of internal controls systems within previous ninety days and have reported their findings All deficiencies and frauds involving employees involved with internal activities have been duly listed in the reports That all significant changes that could have negative impact on internal controls have been specifically reported Section 401 of the act requires that financial statements must include a disclosure to the fact that financial statements are accurate and are presented in a manner that ensure that those statements do not contain any incorrect statement

In to bring back the destabilized faith of investors and others into the corporate world , Sarbanes Oxley Act was formulated with following objectives To protect investors by bringing improvements in accuracy and reliability of corporate disclosures To reform and improve corporate governance To increase the accountability of officers at the helm of affairs and board of directors To control the activities of accounting firms particularly while rendering non- audit services to their clients To bring corporate responsibilities to the fore by stipulating strict adherence to and reporting of the functioning of internal controls The intricacies of Sarbanes Oxley Act , 2002 The Sarbanes Oxley Act was signed on June 30 , 2002 and introduced certain measures to bring back confidence of investors

The accounting profession was thoroughly blamed for its connivance with those involved in such large scale corporate accounting scandals that plagued not only the Wall Street but the entire financial world These crises basically occurred because of inherit lacunas in the corporate governance processes

The idea is for the commission to determine that GAAP and other accounting regulations have been applied in their right perspective while framing the financial statements Sec

Investors and others interested in corporate growth lost faith in corporate governance

404 requires that annual report of the corporation must include a statement concerning the scope and adequacy of internal controls applied by the corporation

Moreover , the accounting firm auditing the accounts has to attest such statement of the management

The report must also ascribe the assessment of effectiveness of the internal control procedures adopted by the corporation

The board of directors , management , and others controlling the affairs of corporations destroyed the trust and confidence of investors

Paper Topic: Sarbanes-Oxley Act SARBANES- OXLEY ACT – REVISITED Reasons for creations of Sarbanes Oxley The occurrences of financial scandals of Enron , and others in 2001 made thousand of investors lost millions of dollars under such frauds

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