| Tags |
Sarbanes Oxley
|
| Date | June 2007 |
| Publisher | The Federal Lawyer |
| Page Range | 24 - 30 |
| Description | Five years after the passage of legislation dealing with corporate fraud, the impact of the law continues to reverberate. The business community, regulators, and legislators on Capitol Hill alike still debate lingering effects (financial and otherwise) of the law; its continuing vitality; and whether it should be modified, amended, restricted, or even retracted. On July 30, 2002, in the wake of a series of corporate scandals involving financial and accounting misconduct at Enron, Worldcom, and Tyco and associated concerns about the costs of corporate fraud on shareholders, Congress passed the Corporate and Criminal Fraud Accountability Act of 2002, more popularly known as the Sarbanes-Oxley Act (SOX). With this critical piece of legislation, Congress imposed a number of controls and requirements on corporations designed to ensure that public companies behave as good corporate citizens. At the same time, consistent with its concerns about corporate fraud, Congress included new statutory protection for employees who report corporate fraud. (Description from Source) |