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Governance, Risk, and Compliance Handbook: Technology, Finance, Environmental, and International Guidance and Best Practices by Anthony Tarantino

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CHAPTER 67

SARBANES-OXLEY ACT

Sanjay Anand

67.1 INTRODUCTION

67.2 KEY PRINCIPLES OF SOX

(a) Integrity

(b) Reliability

(c) Accountability

67.3 PRINCIPLES- AND RULES-BASED LEGISLATION

67.4 SOX COMPLIANCE

67.5 GENERAL COMPLIANCE REQUIREMENTS

(a) Asking Privately Held Companies to Achieve SOX Compliance

(b) Steps Privately Held Companies Can Take toward Voluntary SOX Compliance

67.6 BENEFITS OF COMPLIANCE

67.7 CONSEQUENCES OF NONCOMPLIANCE

(a) Who Else Is Affected?

67.8 VOLUNTARY VERSUS MANDATORY COMPLIANCE

67.9 CORPORATE PERCEPTIONS OF SOX

67.10 CONCLUSION

67.11 SUMMARY

After reading this chapter, you will be able to:

  • Understand the key principles of the Sarbanes-Oxley Act (SOX)
  • Understand the difference between principles-based and rules-based legislation, and the importance of each
  • Understand the general requirements of SOX compliance
  • Understand the benefits of complying with SOX regulations
  • Understand the consequences of not achieving SOX compliance
  • Understand the general corporate perceptions of SOX

67.1 INTRODUCTION

With the background understanding of where SOX came from and the circumstances that led to its inception, it is time to delve into the Act itself. This chapter explains the concepts involved in the Act, including its key principles and the issues surrounding compliance.

Note: This chapter is from The Essentials of Sarbanes-Oxley by Sanjay Anand; Copyright © 2007 Sarbanes-Oxley Institute. Reprinted with permission by John Wiley & Sons, Inc. More information about ...

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