FINANCE: Sarbanes Oxley Act checklist





Sarbanes Oxley is a relatively new act to the world of business which has had a big impact.


  1. Sarbanes Oxley is named after the 2 US Senators who created the act
  2. It is often abbreviated as SOX
  3. There are many opponents to the act, who state its requirements are too restrictive and costly
  4. Many small businesses claim the act put them out of business due to the costs to comply
  5. SOX attempts to implement stricter controls over accounting and finance
  6. SOX was born out of several accounting scandals in the early 2000's
  7. The PCAOB (Public Company Accounting Oversight Board) was created through the act
  8. The act requires public companies to document all processes and procedures, and have them tested and audited
  9. The act also makes corporate management much more responsible and accountable for the company
  10. Failure to comply with the act can have large implications such as hefty fines and jail time for executives


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