Companies are required to file periodic reports u/s 13(a) or 15(d) of the Securities Exchange Act, 1934. As per Section 302 of Sarbanes Oxley Act, 2002, it is mandatory that a signing officer reviews the report and ensures the report that:
It does not contain any untrue statement of a material fact
Does not omit any material fact
Does not contain any facts or facts that are misleading for its users
In addition to this, Sec 302 also imposes responsibilities and obligations upon signing officers about the existence of effective internal controls. It states that the signing officers are responsible for:
Designing such internal controls in such a way so that they ensure that material information relating to the company and its consolidated subsidiaries is made known to the signing officer by other employees within those companies, particularly during the period in which the periodic reports are being prepared
Evaluating the effectiveness and usefulness of the issuer’s internal controls, within 90 days before the report and
Presenting in the report their conclusions about the effectiveness of the internal controls based on their analysis and judgment.
Significant changes in the internal controls
Existence of factors that could significantly affect internal controls, such as:
Any significant deficiencies or
Public Company Accounting Oversight Board
Sec 101 of the Sarbanes Oxley Act, 2002 establish a Public Company Accounting Oversight Board (PCAOB) that ensure compliance with the requirement of the act and oversee the audit of public companies to protect the interests of investors as well as the larger public interest by ensuring the preparation of:
Duties of the Board
Sec 101(c) of the Sarbanes Oxley Act, 2002 provides for several duties to be performed by the board, such as:
Registration of the public accounting firms that will prepare audit reports following the applicable law
Establishing or adopting the existing:
Other standards related to the preparation of audit reports
Conducting inspections of the registered public accounting firms and improving the quality of audit services offered by them to protect the interests of the investors
Conduct investigations, disciplinary proceedings and impose appropriate sanctions
Benefits of Enacting Sarbanes Oxley Act, 2002
This act was enacted to curb corporate malpractices and financial frauds such as dwindling or siphoning off of money. This act has been a success till now and has various benefits such as:
1. Effective Internal Controls
The signing officers are made responsible for designing and implementing the company’s internal controls, along with regular monitoring and evaluation of internal controls, which increases its effectiveness and worth.
2. Increased Documentation
As per Sec 302 and 404 of the Sarbanes Oxley Act, companies are required to document their:
Operation manuals and
Policies related to its personnel
This may seem laborious and burdensome at first glance, but organizations following the provisions have found their control structures strengthened, leading to creating an effective control environment.
3. Better Audit Outcomes
This act has redefined the way using which an audit of a company is done by:
Enabling creation of a Public Company Accounting Oversight Board and
Enabling reporting of:
Critical accounting policies, practices
Alternative treatments and
Another material was written communications between management and audit firms to an audit committee.
There are lots of provisions to expand the internal control, and that leads to lots of time.
It increases the number of persons involve in compliance procedures, and small companies can not afford these expenses.
It requires an additional audit, and it leads to an increase in administrative costs.
There are tough penalties for minimal violations. It discourages entrepreneurship.
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