What is the Sarbanes-Oxley Act comprised of?
Eleven sections compose the SOX Act, but sections 302, 404, 401, 409, 802 and 906 are the most important in terms of compliance. Section 404 seems to cause the most difficulties for compliance. Sarbanes-Oxley Act established: – new accountability standards for corporate boards and auditors, – a Public Company Accounting Oversight Board (PCAOB) under the Security and Exchange Commission (SEC), – specified civil and criminal penalties for noncompliance.
