The Sarbanes-Oxley Act (SOX) of 2002 is a United States federal law aimed at strengthening financial record-keeping and reporting practices for corporations. It mandates rigorous reforms to existing securities regulations, imposes stringent penalties on wrongdoers, and enhances accountability in financial reporting.
SOX Compliance Requirements
Key provisions include:
- Corporate Responsibility: Requires senior corporate officers to certify the accuracy of financial statements.
- Accounting Regulation: Establishes internal controls and reporting methods to ensure the accuracy of financial statements.
- New Protections: Imposes criminal penalties for violating securities laws and enhances record-keeping requirements.
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