SARBOX


Also found in: Financial, Encyclopedia.
AcronymDefinition
SARBOXSarbanes-Oxley (Sarbanes-Oxley Act of 2002; US financial reporting compliance law; also seen as SOX)
References in periodicals archive ?
The students should read the following article in preparation for a discussion about SARBOX and non-profits.
Don't look only at the countless serious studies of Sarbox that have reported the migration of firms away from public exchanges in the U.
Bob Grady, "The Sarbox Monster," Wall Street Journal, April 26
According to a letter Clark wrote to the company's board of directors that was released to the media: "As I understand it, Sarbox dictates that I not chair any committee due to the size of my holdings, not be on the compensation committee because of the loan I once made to the company, not be on the governance committee, and it even dictates that some other board member must carry out the perfunctory duties of the Chairman.
The Act (often referred to as Sarbox or SOX) has dramatically changed the financial reporting requirements of public companies, including mandates that chief executive and chief financial officers must certify financial reports and that internal controls be in place to guard against improper methods of inflating company worth.
Driven by SARBOX and other legislated imperatives, however, marketers now look to find hard numbers to defend their decisions.
The month after Paulson advocated eviscerating some Sarbox reforms, an elite group of corporate and financial leaders announced it was forming the Committee on Capital Markets Regulation to recommend ways to improve U.
As even Nasdaq CEO Bob Greifeld -- a longtime Sarbox supporter -- has realized, ''the best solutions are internally initiated, not externally imposed.
Some 32% identified the availability of company resources as the biggest challenge (also alarming, given the uncompromising nature of Sarbox regulations), and 20% said that cutting compliance costs was their greatest concern.
The high growth in audit was in part driven by the flow of regulatory and risk engagements much of this associated with US Sarbox implementations.
Simple data collection processes at the regulatory level could prevent future Enrons where SarBox may not.
The meticulous audit trail that controllers and accountants had established over generations for demonstrating that money was being handled properly (think of black, leather-bound ledgers and long ribbons of adding machine paper) disappeared into those ERP systems without a trace--or at least without being properly documented, and certainly not to the extent now required by the 2002 Sarbanes-Oxley Act, aka Sarbox.