http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act
The legislation establishes new or enhanced standards for all U.S. public company boards, management, and public accounting firms. It does not apply to privately held companies. The Act contains 11 titles, or sections, ranging from additional Corporate Board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the new law. Debate continues over the perceived benefits and costs of SOX. Supporters contend that the legislation was necessary and has played a useful role in restoring public confidence in the nation's capital markets by, among other things, strengthening corporate accounting controls. Opponents of the bill claim that it has reduced America's international competitive edge against foreign financial service providers, claiming that SOX has introduced an overly complex and regulatory environment into U.S. financial markets. [2] The Act establishes a new quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, which is charged with overseeing, regulating, inspecting, and disciplining accounting firms in their roles as auditors of public companies. The Act also covers issues such as auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure. On Sep 27, 12:56 pm, Gaar <[EMAIL PROTECTED]> wrote: > On Sep 27, 12:54 pm, "Mark Kahle" <[EMAIL PROTECTED]> wrote: > > > sorry but that is a bill that "allowed" different practices NOT one > > that "disallowed" the tried and centuries old true methods. the choice > > was left to the grubbers as to how they accounted for assets. > > Bullshit. > > Try READING the Bill as well as the following Legislation. > > It REQUIRED certain changes in the Accounting and Reporting of Assets > by ALL Public Companies. > > Again, your ignorance on the matter notwithstanding. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
