Sarbanes oxley

The Sarbanes-Oxley Act of 2002 is considered to be the most significant change to federal securities laws in the United States since the New Deal. It came in the wake of a series of corporate financial scandals, including those affecting Enron, Arthur Andersen, and WorldCom. Among the major provisions of the act are: criminal and civil penalties for securities violations, auditor independence /certification of internal audit work by external auditors and increased disclosure regarding executive compensation, insider trading and financial statements.

Sarbanes-Oxley  law contains 11 titles, or sections, ranging from additional Corporate Board responsibilities to criminal penalties. Requires Security and Exchange Commission (SEC) to implement rulings on requirements to comply with thenew law.

Section 101
Download Instructions
SARBANES-OXLEY COMPLIANCE MANUAL
Chapters 1 and 2 of the Sarbanes-Oxley accounting oversight compliance manual are available for download in a single, formatted file (word.doc) that can be edited and modified by users.
The file includes a list of key dates/timetable, self-assessment questionnaires, and definitions relating to Titles II and IIIregarding Auditor Independence and Corporate Responsibility. Each of the questions listed in the questionnaires are based on specific sections listed within Titles II and III of the Sarbanes-Oxley Act of 2002.
An update to the Sarbanes-Oxley accounting oversight manual (chapters 3 and 4) will be available shortly in both the on-line and downloadable versions.
This publication is designed toprovide accurate and authoritative information in regard to the subject matter covered. It is made available with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. The publisher has not sought or obtained approval of this publication from any other organization, profit or nonprofit, and is solely responsible for its contents.
Section 102Key Dates
SARBANES-OXLEY ACT OF 2002
KEY DATES/TIMETABLE
KEY DATES - The following list highlights some of the key dates of the Sarbanes-Oxley Act of 2002 regarding the implementation timetable for registered public accounting firms and issuers (public companies).
July 30, 2002
• Audit committee pre-approval of auditing and non-auditing services of auditor (Section 202).
•Prohibition on loans to executive officers and directors (Section 402).
August 29, 2002
• Deadline for all public company principal officer certifications of annual/quarterly reports (Section 302)
• Accelerated disclosures of insider trades [2-day rule] (Section 403)
October 28, 2002
• Deadline for SEC to appoint a chairperson and the initial members to the Public Company AccountingOversight Board (Section 101).
January 26, 2003
• Prohibition on non-audit services for audit clients (Section 201).
• Mandatory audit partner rotation (Section 203).
• Auditors required to report to audit committee (Section 204).
• Prohibition on audit of issuer if CEO, controller, CFO, or chief accounting officer was employed by auditor and participated in audit of issuerwithin prior year (Section 206).
• ERISA notice requirements for 401(k) blackout periods (Section 306).
• Financial statements shall reflect all material correcting adjustments (Section 401).
• Final rules requiring all material off-balance sheet transactions to be disclosed (Section 401).
• Final rules providing that pro forma financial information follows generally acceptedaccounting principles (Section 401).
April 26, 2003
• Deadline for SEC to make determination that the PCAOB has the capacity to carry out its duties (Section 101).
- Public accounting firms begin registering with PCAOB - clients, fees, personnel.
- PCAOB begins adopting/establishing audit, quality control and independence standards and rules.
- PCAOB begins...