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Sarbanes-Oxley News & Developments
What You Do Not Know About Sarbanes-OxleySarbanes-Oxley is full of surprises. One issue is / How broadly do you define financial controls?
> > Now that the dust has settled on some of the more obvious tidbits of Sarbanes-Oxley (the requirement that CFOs and CEOs certify company financials, for example), a slew of disclosure concerns is emerging to trouble the sleep of finance chiefs.
Here are five less publicized edits of the Sarbanes-Oxley Act of 2002.
1) Material changes must be reported at lightspeed.
2) Internal Controls could mean much more than getting the numbers right.
3) Sarbox does not stop at the shoreline. Laws governing exports and imports and foreign-based bribes and money laundering do not seem to have much to do with the domestically focused act.
4) Executive mobility just got a whole lot tougher. Home loans or personal loans that employers made to company officers, directors or managers, either to relocate an executive, keep an existing officer or to lure new talent are now barred under section 402 of Sarbanes-Oxley.
5) Private companies are not immune to Sarbanes-Oxley.
Source: CFO.com article dated April 22, 2003
Published:2003-05-21
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