The Sarbanes-Oxley Act of 2002

Paper Summary:

This paper looks at the Sarbanes-Oxley Act that was enacted in order to rectify the constant corporate scandals, fraud, and failures sweeping across the United States. The paper discusses the purpose of the Act, outlines its contents, explains exceptions to the Act that apply to foreign companies, and includes a timetable chart for its implementation. Issues such as independence and corporate responsibility, independence within the accounting profession, accountability and disclosure, and how the Act affects banking organizations that are non-public are also discussed in this paper.

From the Paper:

"The Sarbanes-Oxley Act is aimed at private companies by definition, as Section 108 on Accounting Standards implies. However, despite this seemingly straightforward definition, non-public banking companies are finding themselves under the jurisdiction of the Act based on their former standing with regard to SEC and FDIC regulations."

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