The Sarbanes-Oxley Act of 2002 increased the role directors play in weeding out fraud and their potential liability for overlooking it.
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Unlike the U.K., that portion of the U.S. inspection report is private under the Sarbanes-Oxley Act of 2002, except in limited circumstances.
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The Sarbanes-Oxley Act of 2002, Section 203, imposed a five-year rotation and five-year cooling-off period, from a seven-year rotation with a two-year cooling-off period.
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Until the Sarbanes-Oxley Act of 2002 was passed after Enron, the audit industry was self-regulating and established its own professional standards, enforced only via peer reviews.
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In the financial services industry, personal information is protected by the Sarbanes-Oxley Act of 2002 (SOX), which enacted stringent requirements for the protection of confidential information.
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Additionally, the Sarbanes-Oxley Act of 2002 (SOX) mandates corporations set up procedures for whistle-blowers to provide information, specifically through an anonymous reporting channel, without retaliation from superiors.
The Sarbanes-Oxley Act of 2002 made it very clear that audit clients were no longer supposed to utilize their audit firm as the accounting technical advisor.
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The trend is largely driven by the Sarbanes-Oxley Act of 2002, which required CEOs and finance chiefs to sign off on quarterly financial reports, according to Mr. McGreal.
The audit committee was responsible for complying with parts of the Sarbanes-Oxley Act of 2002, which, in response to the Enron, Tyco International, and WorldCom financial scandals, sought to establish new standards for corporate boards, management, and auditors.
Section 17(e) of the Securities Exchange Act of 1934 (as amended by the Sarbanes-Oxley Act of 2002) requires every registered broker or dealer to annually file certain financial statements with the SEC that are certified by an audit firm that is also registered with the PCAOB.
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It also recommends that the landmark Sarbanes-Oxley corporate governance act of 2002 be incorporated into the Securities Exchange Act of 1934, giving regulators more authority over corporate issues.
Except for the brief period of mutual antagonism after the passage of the Sarbanes-Oxley Act in 2002, auditors behave more than ever as if their client is management, and now the Audit Committee, rather than investors.
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The outsiders hired onto boards after the passage of the Sarbanes-Oxley Act in 2002 brought fresh perspectives, but could not always get their heads around collateralised debt obligations.
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The business community has been particularly concerned about investment taking root in foreign markets rather than the U.S., especially in the wake of the 2002 Sarbanes-Oxley Act.
In 2002 the Sarbanes-Oxley act limited what kind of non-audit services an American accounting firm can offer to an audit client.
In July 2002 America's Congress passed the Sarbanes-Oxley act to disentangle conflicts of interest at (among other places) accounting firms.
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