Sarbanes-Oxley Act

The Sarbanes-Oxley Act of 2002 (HR 3763), signed into law on 30 July 2002, is considered the most significant change to federal securities laws in the United States since the New Deal.

It came in the wake of a series of corporate financial scandals, including those affecting Enron, Arthur Andersen, and WorldCom. The law is named after Senator Paul Sarbanes and Representative Michael G. Oxley. The Sarbanes-Oxley Act mandates that auditors have a greater responsibility with in this new corporate environment.

Unlimited Learning Resources offers these products to help understand and implement the Sarbanes -Oxley rulings:

• How to Comply with Sarbanes-Oxley Section 404: Assessing the Effectiveness of Internal Control 2008
  by Michael Ramos
• Manager's Guide to the Sarbanes-Oxley Act: Improving Internal Controls to Prevent Fraud by Scott Green
• SEC Disclosures Checklists
• Sarbanes-Oxley and the New Internal Auditing Rules
  by Robert R. Moeller
• The Audit Committee Handbook, 4th Edition
  by Louis Braiotta, Jr.
• The Sarbanes-Oxley Section 404 Implementation Toolkit: Practice Aids for Managers and Auditors
  Michael Ramos
• Accounts Payable and Sarbanes-Oxley: Strengthening Your Internal Controls
  Mary S. Schaeffer - March 2006
  
• How to Comply with Sarbanes-Oxley Section 404: Assessing the Effectiveness of Internal Control, 2nd Edition
  March 2006
• Internal Audit Reports Post Sarbanes-Oxley: A Guide to Process-Driven Reporting
• Sarbanes-Oxley Act: Planning & Compliance, $195
  Now, one resource goes beyond information and explanation to provide step-by-step compliance guidance!
  
• Sarbanes-Oxley: Complying with OMB Circular A-123, Management's Responsibility for Internal Control in Federal Agencies
  
• Sarbanes-Oxley and Nonprofit Management: Skills, Techniques, Methods
  February 2006
• Sarbanes-Oxley and the Board of Directors: Techniques and Best Practices for Corporate Governance
  July 2005 US $90.00
• Sarbanes-Oxley for Nonprofits: A Guide to Building Competitive Advantage
  US $45.00
• Sarbanes-Oxley and Nonprofit Management: Skills, Techniques, Methods
   February 2006, $51.00 US
  
• Sarbanes-Oxley Guide for Finance and Information Technology Professionals
  by Sanjay Anand
  Hardcover, March 2006
  US $45.00
• Sarbanes-Oxley Ongoing Compliance Guide, March 2007, $35.00
  Anne M. Marchetti
  Paperback, March 2007
  $35.00 US
• SOX 404 for Small, Publicly Held Companies, with CD (2008)- NEW!
  Robert J. Sonnelitter, Jr., CPA
  Aug. 2007
  $180.00

Enterprise Risk Management: From Incentives to Controls
by James Lam
Hardcover, May 2003
US $79.95

Forensic Accounting and Fraud Investigation for Non-Experts
by Howard Silverstone, Michael Sheetz
Hardcover, December 2003
US $50.00

Journal of Corporate Accounting and Finance: Special Sarbanes-Oxley Act Report
by Edward J. Stone
Paperback, September 2004
US $35.00

Managing the Audit Function: A Corporate Audit Department Procedures Guide, 3rd Edition
by Michael P. Cangemi, Tommie Singleton
Hardcover, April 2003
US $59.00

Power Up Your Profits, 2nd Edition
by Troy Waugh
Hardcover, December 2004
US $39.95

Principles of Fraud Examination, 1st Edition
by Joseph T. Wells
Hardcover, August 2004
US $100.95

The Auditor's Guide to Forensic Accounting Investigations
by Thomas W. Golden, Steven Skalak, Mona Clayton
Hardcover, March 2005
US $135.00

The Compensation Committee Handbook , 2nd Edition
by James F. Reda, Stewart Reifler, Laura Thatcher
Hardcover, October 2004
US $75.00

Major provisions of the The Sarbanes-Oxley Act of 2002 (HR 3763):

• Certification of financial reports by CEOs and CFOs
• Ban on personal loans to Executive Officers and Directors
• Accelerated reporting of trades by insiders
• Prohibition on insider trades during pension fund blackout periods
• Publicly revealing of CEO and CFO compensation and profits
• Additional disclosure
• Auditor independence, including outright bans on certain types of work and pre-certification by the company's Audit Committee of all other non-audit work
• Criminal and civil penalties for securities violations
• US companies are now obliged to have an internal audit function, which will need to be certified by external auditors.
• Significantly longer jail sentences and larger fines for corporate executives who knowingly and willfully misstate financial statements.
• Preventing audit firms from providing extra "value-added" services to their clients including actuarial services, legal and extra services (such as consulting) unrelated to their audit work.