The Sarbanes-Oxley Act consists of 11 titles:
1) Public Company Accounting Oversight (sections 101-109)
2) Auditor Independence (sections 201-209)
3) Corporate Responsibility (sections 301-308)
4) Enhanced Disclosures (sections 401-409)
5) Analyst Conflicts of Interest (section 501)
6) Commission Resources and Authority (sections 601-604)
7) Studies and Reports (sections 701-705)
8) Corporate and Criminal Fraud (sections 801-807)
9) White-collar Crime Penalty Enhancements (sections 901-906)
10) Corporate Tax Returns (section 1001)
11) Corporate Fraud and Accountability (sections 1101-1107)
Key sections include:
Section 101 establishes the Public Company Accounting Oversight Board (PCAOB).
Section 103 sets forth the duties of the PCAOB, namely, establishing auditing, quality control, ethics, independence, and other standards related to the preparation of audit reports for issuers.
Section 302 pertains to disclosure controls. The CEO and CFO, each period, must certify that the information presented is accurate and fairly represents the financial position of the company and operational results.
Section 404 deals with internal controls and procedures for financial reporting and managements assessment of these processes.
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Labels: Sarbanes Oxley Provisions
