Compliance Sarbanes Oxley

1: Smaller public corporations can’t afford the heavier accounting burden, so they get taken private and become LESS accountable than they were prior to sarbanes oxley.

2: Companies that can’t report accurately dont report ontime, and the public has LESS info than they did about they companies than before.

3: Honest companies get burdened with excessive accounting costs, and their share holders get no benefit from the accounting rules because the company was honest anyway.

4: It creates an over demand in the job market for accountants so companies that need to fill other positions have a harder time filling them.

5: Makes US companies less competitive with foreign competitors.

6: Has spawned a wave of mergers, so that their are now fewer small corporations and more big ones.

7: Has delayed initial public offerings because companies know they have a higher burden on their accounting from the beginning.

8: Has made it harder for Fannie Mae to do business so in turn has hurt the mortgage market.

9: Has made it harder for the top CEO’s to be paid what they are actually worth.

Crawback provision of Sarbanes-Oxley Act allowed SEC to collect $600 millions from ex-CEO of United Health. Why can’t taxpayer (US govt) collect billions from ex-CEO/CFO of AIG, Fannie Mae, Freddie Mac? It’s obvious that their golden porachute was beyond extreme.

I think they should charge them under the RICO act of 1970.

Chategorize them if you can.

Consulting Firms.

I am searching for an answer–need this for class

Take a look at the link below, it is a great reference and will explain the answer to your question

More specifically non-US based businesses doing business with US corporations.

I believe the short answer to your question is "not at all."

The longer answer is that the Sarbanes-Oxley Act is directed toward public accounting in the United States and publicly traded companies in the United States. The general idea behind the act is to encourage regained trust in the credibility of US financial reporting. As such, unless a foreign company is listed on a US exchange (and therefore under the jurisdiction of the SEC), this should have no impact on the firm.

If this is more than just idle curiosity, however, check with your attorney and/or CPA.

Board directors need to personally sign off on the company’s financial statements, and are liable if there are any untrue statements. That is why many people have quit boards.

I am looking for information regarding Sarbanes-Oxley destruction of records. How long should records be kept? We are a nonprofit organization and are trying to follow federal guidelines.

I am interested in seeing a sample destruction policy which
specifically addresses Sarbanes-Oxley.

I am not interested in having a generic document destruction policy, we already have that in place.

http://www.ncna.org/index.cfm?fuseaction=Page.viewPage&pageId=429#q6

They have a sample there…

That’s a loaded question.

If you are talking about section 404 of the Sarbanes-Oxley act, if properly implemented, the Corporation should have the appropriate controls over information security in place. Those controls should be documented and tested.

Use Sarbanes-Oxley (SOX) compliance as an opportunity to solve additional problems, and to upgrade infrastructure to meet other business objectives at the same time.

Generally, a Sarbanes-Oxley compliance effort will start with a focus on processes and procedures, not infrastructure. But you may be able to make a good business case for upgrading infrastructure to support improved controls and reporting.

It should be evaluated following CobiT standards, linked below