- sarbanes-oxley
- sarbanes-oxley
The common term for the Public Company Accounting Reform and Investor
Protection Act of 2002. This set of laws significantly changed accounting and
audit standards for public companies in order to improve the accuracy of
financial disclosures and protect investors from corporate fraud. The act has
significantly increased accounting and audit costs for companies but has
restored some investor confidence in corporations. Some major components of the
act include:
certification of financial reports by CEOs and CFOs
increased disclosures of equity trades by company insiders
increased independence of auditors from corporate influence or conflicts of
interest due to ownership or other services
bigger criminal and civil penalties (fines and jail time) for corporate
executives who knowingly misreport financials
the prohibition of personal loans from a company to a CEO or corporate
director
source: http://www.sustainabilitydictionary.com/
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