Public Law 107-204
E22973
Public Law 107-204 is the formal designation of the Sarbanes–Oxley Act of 2002, a landmark U.S. federal law that overhauled corporate governance and financial reporting standards to combat accounting fraud.
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
Act of Congress
→
United States federal law → |
| alsoKnownAs |
Corporate Responsibility Act of 2002
→
|
| appliesTo |
public company boards of directors
→
public company management → public company public accounting firms → publicly traded companies in the United States → |
| codifiedIn |
Title 15 of the United States Code
→
Title 18 of the United States Code → |
| country |
United States of America
→
|
| creates |
Public Company Accounting Oversight Board
→
|
| enactedBy |
107th United States Congress
→
|
| imposes |
criminal penalties for destroying or falsifying financial records
→
criminal penalties for securities fraud → |
| jurisdiction |
United States
→
|
| motivatedBy |
Enron accounting scandal
→
WorldCom accounting scandal → early-2000s corporate accounting scandals → |
| namedAfter |
Michael G. Oxley
→
Paul Sarbanes → |
| officialName |
Sarbanes–Oxley Act of 2002
→
|
| primaryPurpose |
to combat corporate and accounting fraud
→
to enhance corporate governance and accountability → to protect investors by improving the accuracy and reliability of corporate disclosures → |
| publicLawNumber |
107-204
→
|
| regulates |
auditing of public companies
→
corporate financial reporting → internal control over financial reporting → |
| requires |
CEO and CFO certification of financial reports
→
independent auditor attestation of internal controls for certain issuers → management assessment of internal controls → |
| section |
Section 302
→
Section 404 → Section 802 → Section 906 → |
| shortName |
SOX
→
Sarbanes–Oxley Act → Sarbox → |
| signedBy |
George W. Bush
→
|
| signingDate |
2002-07-30
→
|
| sponsor |
Michael G. Oxley
→
Paul Sarbanes → |
| statutesAtLargeCitation |
116 Stat. 745
→
|
| strengthens |
oversight of external auditors
→
protections for whistleblowers in public companies → |
| subjectMatter |
accounting standards
→
corporate governance → financial reporting → securities regulation → |
| yearEnacted |
2002
→
|
Referenced by (1)
| Subject (surface form when different) | Predicate |
|---|---|
|
Sarbanes–Oxley Act of 2002
→
|
publicLawNumber |