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Sarbanes-Oxley News & Developments
Retailers Gear Up For Sarbanes-Oxley (SOX)SOX has transformed the reporting landscape for finance professionals.
> > The Sarbanes-Oxley Act (SOX) is forcing retailers to seek outside advisors for readiness and compliance assistance.
The most dramatic change to federal securities laws since the 1930s, the Act radically redesigns federal regulation of public company corporate governance and reporting obligations. It also significantly tightens accountability standards for directors and officiers, auditors, securities analysts and legal counsel.
The Sarbanes-Oxley Act (SOX) put into place to protect investors by improving the accurcy and reliability of corporate financial statements, levies stiffer penalties for auditors, company directors and others who fail to comply. As a result, retailers face accelerated report filing deadlines, tighter internal controls and management certification, tougher penalties and elevated need to better monitor financial operations.
Source: Top Of The Net article
Published:2003-08-22
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