Why is this Sarbanes Oxley Act of 2002 so important to Managers/ Companies today?
Why is this Sarbanes Oxley Act of 2002 so important to Managers/ Companies today?
Servants Oxley Act 2002 -
This law was passed by the Congress Government on 30 July. This was developed to protect the investors if the organization from the fraudulent financial reporting made by the corporation.
This act can also be said as SOX Act 2002 and the corporate responsibility act, this law consists a high security the the investors and create a strict reform for the benefits of the existing investors and Imposed penalties against the law breaker.
The shook will lead to the decrease in the confidence if the investors and the trustworthiness of the financial statement. The act provide a strict rules for the corporate officers, Accountant, auditors and imposed a Record keeping requirement.
It will imposed some penalties against the breaker of the laws it is considered as complex and lengthy process of the legislation.
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