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What is Sarbanes-Oxley?

By jneilson ·
I've heard the term before but I really have no idea of what it is. Today I heard Neal Boortz discussing it on the radio saying it is a hidious piece of legislation aimed at adding goverment regulations to corporations. He went on to say because of this legislation his intern could not have an account setup on his stations computers.

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The Sarbanes-Oxley Act is...

by TechExec2 In reply to What is Sarbanes-Oxley?

Sarbanes-Oxley Act is a United States federal law passed in response to a number of major corporate and accounting scandals (Enron, Tyco, etc).

Remember that Google is your friend (tip of the hat to TiggerTwo). You can often find answers to common questions with a quick Google search.


Sarbanes-Oxley Act - A fish
http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act

Google Search - How to fish :-)
http://www.google.com/search?hl=en&q=sarbanes+oxley&btnG=Google+Search

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The Wiki site is informative

by jneilson In reply to The Sarbanes-Oxley Act is ...

It's unfortunate it's gotten to the point where the goverment steps in to check public companies books. Now we need an act like this to oversee the Congress and the Senate.

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Publicaly traded companies

by JamesRL In reply to The Wiki site is informat ...

The government is stepping in, the same way Teddy Roosevelt did, to protect the interests of the public shareholder.

Publically traded companies should have open honest and transparent books, otherwise how can a purchaser of stock know what they should buy.

The act came about because of massive fraud by publically traded companies like Tyco, Enron, Worldcom etc. They basically lied to their shareholders about the value of the company.

Are you suggesting if we didn't have the act, we would always get treated fairly?

James

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It wasn't just the companies themselves

by NickNielsen In reply to Publicaly traded companie ...

In every case, there was also an accomodating accounting firm. There's a reason Arthur Andersen went out of business.

http://tinyurl.com/mxxjd

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It also insures

by Tig2 In reply to It wasn't just the compan ...

That the accounting firm cannot be an IT provider to the same firm.

Unfortunately we need legislation like this to keep folks from retiring on cat food.

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Not canned cat food

by NickNielsen In reply to It also insures

Anybody that thinks the poor eat canned cat food needs to check the prices. I bought some for my sister-in-law the other day. Pound for pound, that sutff is more expensive than steak.

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What's the SEC's role in keeping track of public companies finances?

by jneilson In reply to Publicaly traded companie ...

You'd think they could see signs that a company that uses their services needs investigating.

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Triple Amen to that one

by marketingtutor. In reply to The Wiki site is informat ...

You hit the nail man. If only government would regulate itself the way it tries to do everyone else.

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Hmmmm who is Neal Boortz?

by JamesRL In reply to What is Sarbanes-Oxley?

Sarbanes Oxley, commonly known as SOX, is legislation which essentially tries to make corporations more accountable and more auditable to try and avoid another Enron type scandal. It tightens up financial reporting rules and makes you document your processes.

If his intern couldn't get an id set up, then they have a bad process. You could blame Sarbanes for making people follow the rules, but you can't blame SOX for companies making dumb rules in the first place.

Always be aware of your sources and their bias. Yeha I think sometimes SOX is a pain in the butt, and it impacts us in Canada, if our parent is American. But it is trying to acheive something good - to reduce corruption.

James

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He's a Libertarian talk show host in out of Atlanta

by jneilson In reply to Hmmmm who is Neal Boortz?
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