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The Sarbanes-Oxley Act Explained
Post Date:
2016-10-20 19:36:39

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The Sarbanes-Oxley Act Explained

By Alan Weiler

The purpose of the Sarbanes-Oxley Act is to help ensure that the financial markets are based on sound financial reports– that to the extent humanly possible, the reports are a good faith picture of the financial state of a corporation.

The Sarbanes-Oxley Act was signed into law on July 30, 2002.

In this book, you will learn:

– The context in which this Act was passed– what problems it is intended to solve

– How the Act will help ensure that corporate financial reports are accurate

– Some steps corporations will take to meet the provisions set forth in the Act

– How the Act has been interpreted in the year after its passage

Approximately 23,335 words.
Includes exercises and quick quizzes.


Congress took this action because so many individuals and organizations are dependent on the integrity of the U.S. stock market. Millions of people in the U.S.–and indeed the world–are making investment decisions based on what they believe a share of stock is worth.

In the years leading up to the Act’s passage, some highly publicized cases of misrepresentation caused serious financial losses to individuals and investment funds.

The Sarbanes-Oxley Act is designed to protect the public from willful lies, deceit and misrepresentations. With this protection, investors can be more sure that their success or failure in the stock market will be based on their own choices and not on faulty information.


Main Menu
The Context of the Act
Checks and Balances
The Act Title by Title
The SEC Final Rules
Looking Ahead

Section 1
Why this Act?
Why Now?
The Business Environment

Section 2
The Players
Exercise -Violations vs. Poor Decisions
Major Themes in the Act

Section 3
How to Read an Act
Oversight Board
Auditor Independence
Corporate Responsibility
Check Your Knowledge
Enhanced Financial Disclosures
Analyst Conflicts of Interest
Commission Resources
Check Your Knowledge
Studies and Reports
Criminal Fraud
White-Collar Crime
Corporate Tax Returns
Corporate Fraud
Check Your Knowledge

Section 4
Section 201 – Services Outside the Scope of Auditors
Section 301 – Public Company Audit Committees
Section 401 – Disclosures in Periodic Reports
Section 404 – Management Assessment of Internal Controls
Section 802 – Retention of Records
Check Your Knowledge
Summary of SEC Actions

Section 5
Accounting Rules vs. Principles

Titles and Sections of the Act
Summary of Compliance Issues


The contents of this book are presented for information purposes only and represent the opinions of the author. These materials do not constitute legal or accounting advice. This book is not an exhaustive analysis of the Sarbanes-Oxley Act nor is it a guide to compliance. For accounting or legal advice consult with a qualified accountant or attorney. For advice on compliance with the Sarbanes-Oxley Act, seek professional counsel.


The quoted passages in this book are all part of the public record, either as part of the Congressional record, or provided on official web sites hosted by agencies authorized by the federal government.

Published by Kallisto Mobile Media
A division of Kallisto Productions, Inc.
P.O. Box 1147, Fairfax, California 94978


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