The Sarbanes-Oxley Act (SOX) signed into law in July 2002 was inten...

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The Sarbanes-Oxley Act (SOX) signed into law in July 2002 was intended to improve the accuracy of the financial statements prepared by publicly held companies. Carefully read the summary of this Act.

Discuss how this law is likely to affect:
• Audit committees of public company boards of directors
• The CEO’s and CFO’s of public companies

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SOX and Audit committees of public company boards of directors

The SOX act that came into existence in 2002, had the effect of strengthening the corporate governance and it expanded the roles and responsibilities of the audit committees in corporate companies whether they are US or non-US firms. The companies which are listed on the Stock Exchange Commission (SEC) have to establish audit committees that would be made up of board members who are independent from the management. These members are directly responsible for the appointment and dismissal, compensation of external auditors who have the responsibility of...

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