Sarbanes Oxley Act

[Katia]

Anyone here familiar with this? Doing this now in your job?
Would like to talk to you, please. Thanks

[Guest]

What the fish is that?

[fern]

Katia, u can ask employees of any american company

[Strong Eagle]

Sarbox is a new set of reporting requirements designed to create greater transparency in the way a company does its accounting. Amongst other things, it makes the CEO personally liable for false accounting statements. The law was passed as a result of the huge and fraudulent accounting scams that brought down Enron and Worldcom, to name but two.

Basically, it forces companies to be much more careful in how they record income and expenses. It also makes them take into account potential liabilities. For example, if a multi million dollar project is running 15 percent over budget, this may need to be reported as material, whereas pre Sarbox nobody would consider entering this into a financial statement.

Did you have specific implementation questions about Sarbox?

[Guest]

US companies with interests here are typically bound by SOX 404 locally as well ..