SARBANES-OXLEY ACT OF 2002.

Slides:

Advertisements

Similar presentations

Policies for Nonprofit Boards Dan Rollman August 18, 2011.

Advertisements

BOARD EFFICIENCY: The Agenda Setting Role and Information Needs of the Supervisory Board Holly J. Gregory Weil, Gotshal & Manges LLP.

ASX Corporate Governance Council

© 2007 PROSKAUER ROSE LLP® SARBANES-OXLEY ACT OF 2002 Presented by: Julie M. Allen

Core principles in the ASX CGC document. Which one do you think is the most important and least important? Presented by Casey Chan Ethics Governance &

IFRS Enforcement and Governance Leo Goldschmidt Director of ECGI (European Corporate Governance Institute) OECD - Russian Corporate Moscow.

Sarbanes-Oxley Act. 2 What Is It? Act passed by Congress in response to the recent and continuing corporate scandals. Signed into law July 30, Established.

WELCOME Annual Meeting & Compliance Seminar. Code of Conduct - Impact on Corporate Culture by Andy Greenstein Knight Capital Group, Inc.

© 2004 Ceridian Corporation. All rights reserved. Corporate Integrity and The Sarbanes-Oxley Act Victoria Nemerson Vice President Compliance, Ceridian.

3rd session: Corporate Governance

Trinidad & Tobago Corporate Governance Code 2013

Corporate Governance and Risk Management Current Practices and Ongoing Developments in the U.S. Commissioner Jim Donelon Louisiana Department of Insurance.

BRIEFING TO THE PORTFOLIO COMMITTEE ON THE DPSA’S RISK MANAGEMENT STRATEGY PRESENTATION TO THE PORTFOLIO COMMITTEE 12 MAY

Several provisions of SOX have been adopted in countries worldwide, which lends credibility to SOX and its intended purpose of protecting.

© Copyright 2012 Pearson Education. All Rights Reserved. Chapter 10 Fraud & Internal Control ACCOUNTING INFORMATION SYSTEMS The Crossroads of Accounting.

Welcome to the Board! (and did we mention your Fiduciary Responsibility?)

Internal Auditing and Outsourcing

Chapter 03 – Statutory Audits. Regulatory Framework Depends on –Company Legislation –1995 No 15 SL Acc & Aud Stds Act –Common regulations –Specific Acts.

BOARD FIDUCIARY RESPONSIBILITY – Understanding Oversight and Monitoring Roles Presented by: Dan Campbell, Partner.

Copyright © 2012 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 5 Corporate Governance McGraw-Hill.

An Accountant’s Look at the Changing Horizons within SOX 404 Presented to Colorado Bar Association’s Securities Law Group Presented by Bill Evert Hein.

By: 1. Kenneth A. Kim John R. Nofsinger And 2. A. C. Fernando.

Corporate governance: Asia Pacific. JAPAN  The Japan corporate governance committee published its revised code in The Code had six chapters, which.

CORPORATE COMPLIANCE Tim Timmons Vice President Compliance and Regulatory Services Health Future, LLC.

Focus Areas of Core Form 990, Section VI: Governance, Management and Disclosure New Obligation, New Opportunity.

Scandals (in the public and private sector)  Enron  Worldcom  Livent  Nortel  HRDC  Sponsorship Scandal.

Issues in Corporate Governance: Board Structures and Functions Based on a Student Presentation by Joshua Shullaw and Matthew Domeyer.

1 Today’s Presentation Sarbanes Oxley and Financial Reporting An NSTAR Perspective.

1 © 2012 John Wiley & Sons, Ltd, Accounting for Managers, 4th edition, Chapter 2 Accounting and its Relationship to Shareholder Value and.

PUBLIC FINANCE MANAGEMENT ACT TREASURY REGULATIONS AND.

Concept note on Corporate Governance

Audit Committee Roles & Responsibilities Audit Committee July 20, 2004.

Roadmap For An Effective Compliance And Ethics Program The Top Ten Things the Board Must Know [Name of Presenter] [Title] [Date]

Bank Audit. Internal Audit Internal audit is an independent, objective assurance activity and can give valuable insight in providing assurance that major.

00 CHAPTER 1 Governance, Ethics, and Managerial Decision Making © 2009 Cengage Learning.

AUDIT COMMITTEES کمیته های حسابرسی. مطلب تویی طالب تویی، هم منتها، هم مبتدا خورشید را حاجب تویی، امید را واجب تویی.

HARRIS PROPRIETARY 1 assuredcommunications™ NCMA Each of Medco Health’s False Claims Was “Knowingly Submitted” Because Medco Health Had No Effective Corporate.

Internal/External Audit Corporate Governance part 5.

OVERVIEW OF SOX. CORPORATE RESPONSIBILITY FOR FINANCIAL REPORTS Principal executive and financial officers are responsible for designing, establishing.

BusinessAllstars.com 1 Sarbanes-Oxley Act of 2002 BusinessAllstarsPresents Copyright © 2004 by Gainbridge Associates All right reserved This material may.

F8: Audit and Assurance. 2 Audit and Assurance Designed to give you knowledge and application of: Section A: Audit Framework and Regulation Section B:

CREATING A CULTURE OF COMPLIANCE FOLLOWING THE SARBANES-OXLEY ACT Presented by Markus P. Cicka To the LeadingAge Annual Meeting & Expo October 19, 2014.

Governance, Risk and Ethics. 2 Section A: Governance and responsibility Section B: Internal control and review Section C: Identifying and assessing risk.

Insurance Summit 2016 REGULATORY UPDATE. Panel Participants Ray Farmer (Director, South Carolina Department of Insurance) Tim Morris (Hanover Stone Solutions)

Risk Management Dr. Clive Vlieland-Boddy. Managements Responsibilities Strategy – Hopefully sustainable! Control – Hopefully maximising profits! Risk.

Roadmap For An Effective Compliance And Ethics Program

Chapter 5 ASX Guidelines for Listed Companies

Summary of the Investor Protection, Auditor Reform, and Transparency Act of 2002 (Sarbanes-Oxley Act)

Regulation in Financial Accounting

Auditing & Investigations I

Alia Al-Nujaidi

Chapter 11: Compensating Executives

The Sarbanes-Oxley Act

Accounting and Auditing Update

Corporate Governance Corporate Governance also plays an important role in maintaining corporate integrity and managing the risk of corporate fraud, combating.

OECD - Introduction It is an organisation of those countries which describe themselves as Democratic and have Market economy. Its HQ is in Paris, France.

Internal control objectives

Audit Planning, Types of Audit Tests, and Materiality

Session 3 – Risk Management and Internal Controls: Actuary Function ICP 8: Risk Management and Internal Controls 2017 ASSAL Regional Seminar on Training.

The NYS non-Profit revitalization act

Accounting and Auditing Update

Fraud & Internal Control

Corporate Governance for Mutuals

Principles of Auditing

Ethics and Governance Governance 2.

حوكمة الشركات Corporate Governance

Corporate Governance It is a system by which companies are managed and directed in the best interests of the owners and shareholders. It refers to the.

WELCOME AUDIENCE.

An overview of Internal Controls Structure & Mechanism

Presentation transcript:

SARBANES-OXLEY ACT OF 2002

SOA: Ensures that the senior executives have greater responsibility as well as the means to meet them BOD will have greater exposure to liability for any negligence in the management of companies.

Provides check and balance Whistleblowers will now have greater protection of the law as well as the opportunity to report fraud in their companies

BOD Non management Directors should hold regular sessions without the participation of the management or any other person with a material relationship with it.

DISCLOSURE Under Section 401(b) of the SOA, it would not be possible for pro-forma statements to omit any material fact which misrepresents the fair true position of the company.

FRAUD The internal controls should be able to prevent, deter and detect fraud

GOVERNMENT POLICIES Governance principles will be used to evaluate the board and the management

EXECUTIVE COMPENSATION Section 304 of the SOA requires a company which restates its financial statements due to material non compliance or misconduct to reimburse bonus or incentives

PROTECTION OF WHISTLEBLOWERS SOA has provided added protection to whistleblowers who can establish a prima facie case retaliation when they report malfeasance in the company

COMPENSATION COMMITTEES Committee on compensation policy should be consistent with the business goals of the companies.

AUDIT COMMITTEES Audit committees are composed of directors and have the responsibility to ensure that the financial statements of the company and the internal controls are consistent with the regulatory policy