The Sarbanes-oxley Act

The Sarbanes-oxley Act

10-111, 10-115 (May 31, 2012), the ARB continued its expansion of whistleblower protection, holding that Sarbanes-Oxley (“SOX”) whistleblower protections extend to employees of privately held businesses that merely contract with publicly traded ... Sarbanes-Oxley whistleblower coverage expanded by Department of Labor to ...

President Obama tells a group of employees from the Polypore company in Charlotte, NC that the gains the US made in job growth last month indicate that "we've turned the corner" in jobs and the economy.Twitter log:We've been through the worst period of economic turmoil since the great depression.We were losing 700000 a month when I first took office. Last month we gained a substantial number of jobs. We've turned the cornerMoves that were necessary, but not popular has broken the slide in the economy. Best jobs/economic news in 2 years.We have a ways to go. 8 million have lost jobs over the last 2-years. Statistics don't do justice to the pain that causes to people.Being unemployed effects not only your finances, but your heart and your soul.We need to tackle some of the long-term problems that have been a drag on our economy. Middle class has been hurting for long time.Gov't can't replace the 8 million jobs that have been lost. Biz does that. Gov't can create the infrastructure that helps biz.Lot's of folks confused the bank bailout with the recovery act. Recovery act cut taxes for small biz and most people.Jobs bill I recently signed cuts taxes for small businesses that hire new workers.America needs to lead in the growth industry of the 21st Century. Long term, clean energy is one of those industries.Before the recovery act, we had the capacity to make less than 2% of the worlds advanced batteries. We're now on pace to make 40%.The US can gain enormous market share in ...

http://leafgardenpress.com/ Obama: "We're Beginning to Turn The Corner" On Jobs, Economy

Tired of mismanaged public companies preying on stockholders, the unsuspecting public and innocent employees, Congress quickly passed the Sarbanes-Oxley Act. On July 30, 2002, the Sarbanes-Oxley Act became federal law with 11 different areas of protection. This act requires certain disclosures and holds the people required to make them accountable. There are significant consequences for noncompliance or misrepresentation. No more is ignorance allowed as a defense. Employees, executives and boards are all held accountable. Once a person understands why this legislation was needed and what it does, the person can appreciate the responsiveness of the federal government to the need for reform and accountability in these white-collar crimes.

Many corporations artificially paint rosy pictures of corporate profits and growth. By intentionally withholding pertinent information, these companies dupe innocent people into investing in their stock. The corporations and leaders in charge reap the benefits, sell stock and collect golden parachutes knowing full well the stockholders will lose almost all or all of their investment. Enron and WorldCom are just two companies caught using creative financial data and systems to enrich a select group while preying on the public.

The major impact of the Sarbanes-Oxley Act requires signing officers have read the financial reports, the reports are accurate and all-inclusive and that the officer has the information to verify this. All off-balance sheet information will be disclosed. Annual reports will contain information on how data was accumulated and verified. Any material changes in the financial conditions are immediately made public in easy-to-understand terms and supported by trend and graphic representations. Additionally fines and jail time can be imposed. No longer can employees, chief executive officers or directors of the board walk away scot-free by failing to do their job or pleading ignorance. People who attempt to falsify information or obstruct justice face jail time of up to 20 years. Even accountants do not escape accountability; they face 10 years of imprisonment for knowingly violating this law.

This Sarbanes-Oxley Act covers many other record-keeping issues. One of these provisions states, "Chief Executive Officer should sign the corporate tax returns." Most federal agencies including the Internal Revenue Service hold the person in charge responsible for the accuracy and completeness of all documents, especially federal tax returns. Now publicly funded corporations are held to the same standard.

This quickly passed and badly needed corporate reform bill protects the public. People through the action of Congress are finally able to hold corporate leaders responsible for doing their job with the Sarbanes-Oxley Act. Suggest The Sarbanes-oxley Act Topics