The Sarbanes-Oxley Act of 2002 (“SOX” or “Sarbanes-Oxley”) was signed into law by President Bush on July 30, 2002 in an attempt to help eliminate accounting fraud and restore confidence in the nation’s financial markets following the collapse of Enron and other accounting fraud and corporate governance scandals. Sarbanes-Oxley makes some of the most significant changes in decades in laws affecting directors, officers, and corporate reporting obligations. Sarbanes-Oxley contains significant amendments to federal securities laws, including expanded CEO/CFO certification requirements for annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), increased current reporting requirements, enhanced enforcement, increased civil and criminal penalties, and increased review of periodic filings by the SEC. Sarbanes-Oxley establishes a new Public Company Accounting Oversight Board (“PCAOB”) responsible for regulating accounting firms that audit companies filing financial reports with the SEC.
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