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The Public Company Accounting Remote and Investor Protection Act were enacted in 2002 in response to questionable accounting practices from major corporations. This act is also known as the Sarbanes-Oxley Act (SOX), named after the congressional representatives that introduced the law. SOX require that all publicly traded companies implement and affirm a framework of internal controls to support accountability and integrity of the financial reporting process. Executive management and all key financial reporting processes, which include the IT environment, are subject to SOX compliance requirements. Non-compliance may result in financial penalties, potential jail or prison sentences, and possibly the forfeiture of any bonuses or incentives for Senior Management.
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