Objectives of Sarbanes-Oxley Act 2002
The main objectives of the Sarbanes-Oxley Act 2002 are as follow:
SOX provisions safeguard the interest of investors and protect the financial bankruptcy of the organization.
The SOX requires the financial report of companies which includes an internal control report.
The SOX act also prohibited the auditing auditor firm from doing other activities such bookkeeping, account maintenance, and so on.
SOX established the board who was the watchdog of accounting or auditing firms to prevent fraud.
Applicability of Sarbanes-Oxley Act 2002
The main applications of the Sarbanes-Oxley Act 2002 are mentioned hereunder:
The Sarbanes-Oxley Act states that the CEO and CFO are unswervingly accountable for the exactness, papers, and plan of all financial reports and the internal control erection.
The Sarbanes Oxley Act pacts with financial statements and the necessity to be correct and obtainable in a manner that does not cover inappropriate announcements or declare to state the vital information.
Companies must report major changes in their financial position or activities in almost real-time.
The Sarbanes Oxley Act encourages the whistleblowing of public listed organization employees and protects whistleblowers.
The Sarbanes Oxley Act contains the penalty provisions to those who are not obliged by the Act.
Crimes and Penalties under Sarbanes-Oxley Act 2002
Section 802 of the Sarbanes Oxley Act 2002 contains the criminal punishment or penalties for altering records, which means alteration, destruction, conceal, making a false entry in any existing journal or docs, and so on, which are punishable offenses and impose penalties in the form of fine or imprisonment up to 20 years or both. An accountant who conducts an audit shall preserve work papers or audit paper up to 5years in case if the auditor alters, destruct, and so on. with such document shall be punishable with fine or imprisonment up to 10 years or both. The United States penalizing sentence shall review or amend as per guidelines prescribed under SOX Act 2002. Section 807 of the Sarbanes Oxley Act, 2002 provides criminal penalties for defrauding stakeholders of public traded organizations which means fraud with investors under Securities Exchange Act 1934, shall be punishable with fine or imprisonment up to 25 years or both.
White-Collar Crime Penalty Section 902 of the Sarbanes Oxley Act, 2002 provides white-collar crime where people only conspire and attempt to commit a criminal offense. The penalty is the same as mentioned above under section 802 of the Sarbanes Oxley Act.
Corporate Responsibility for Financial Report The CEO and CFO are authorized to certify each report covering the financial information. Any statement that does not cover all requirements is fined below $1,000,000 or imprisonment below ten years or both. The CEO and CFO willfully certify that any statement that does not cover all requirements is fined below $5,000,000 or imprisonment below 20 years or both.
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