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Sarbanes-Oxley Act of 2002 (PDF)
 
Office of the Chief Accountant (SEC)
 
 

 
Section 404 is most opposed by smaller public companies, who argue the pricetag is too costly. As a result, the SEC has eased certain control rules for smaller companies.  

 
Sarbanes-Oxley Act of 2002
 
The Sarbanes-Oxley Act of 2002 -- commonly called SOX or Sarbox -- was a legislative reaction to corporate accounting scandals that unraveled in 2001. Named after sponsors Senator Paul Sarbanes (D-Md.) and Representative Michael G. Oxley (R-Oh.), the law was approved by the House by a vote of 423-3 and by the Senate 99-0. The Act is overseen by the Securities and Exchange Commission. It contains 11 titles covering auditor independence, corporate governance, financial disclosure, and creates the Public Company Accounting Oversight Board. Many of the requirements of the law are considered controversial, such as Section 404, which requires public companies to explain the effectiveness of their internal controls and an outside auditor to attest to its effectiveness.
 
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