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This is a listing of some of the more common terms and definitions associated
with Sarbanes Oxley and Sarbanes Oxley compliance, and Sarbanes Oxley Software.
Sarbanes Oxley Act:
- Sarbanes Oxley Act
On July 30, President Bush signed into law the Sarbanes-Oxley Act of 2002.
The most dramatic change to federal securities laws since the 1930s, the
Act radically redesigns federal regulation of public company corporate governance
and reporting obligations. It also significantly tightens accountability
standards for directors and officers, auditors, securities analysts and
legal counsel.
With the Sarbanes Oxley Act, Congress is mandating numerous changes to
financial reporting:
· Real-time disclosures
· Officer certification
· Increasing transparency
· Independence - now a law, not a virtue
· Mandated SEC review
· Final rules for pro forma statements
· New audit committee requirements
· Loans and certain trades prohibited
Congress has given new powers to the SEC:
· Criminal penalties for “white collar” crimes strengthened
· Statutes of limitations changed
· New Public Company Accounting Oversight Board
· New analyst conflicts of interest rules
· New attorney professional responsibility rules
· Protection for whistleblowers
About OpenPages
OpenPages is the leading provider of Governance, Compliance and Risk
Management solutions
for Sarbanes-Oxley Compliance, Financial Controls Management, General
Compliance Management, Operational
Risk Management and IT
Governance.
The company’s solutions provide the visibility, decision support and
control to improve accountability, better manage risk, achieve compliance
with numerous regulations, improve operational performance and align strategies
to ensure better results.
Market-leading corporations in financial services, manufacturing, telecommunications,
media/entertainment, retail/consumer, energy, high technology, health services
and life sciences rely on OpenPages to help them achieve sustainable governance,
risk and compliance management -- enabling them to become well-governed businesses.
Founded in 1996, the company is headquartered in Waltham, Massachusetts, with
regional offices throughout North America and international offices in London, Munich, Paris, Tokyo and Hong Kong.
For more information on OpenPages' suite of business governance software solutions
or to register for an online demonstration, please call 781-693-5999 or visit
www.openpages.com.
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