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The Public Company Accounting Reform and Investor Protection Act of 2002, popularly known as the Sarbanes-Oxley Act (SOX), was passed by the US Congress in response to unprecedented financial scandals in the early 2000s.
The Sarbanes-Oxley Act came into existence after a number of high-profile corporate accounting scandals. The act establishes standards for publicly traded companies and their financial reporting practices, including requirements for the accuracy and reliability of financial statements, the creation of the Public Company Accounting Oversight Board (PCAOB) to oversee audits, strict penalties for violations, and the prohibition of insider trading.
SOX also requires CEOs and CFOs to certify the accuracy of their company's financial statements, requires companies to disclose any conflicts of interest, and requires companies to adopt stronger internal controls to prevent fraud and ensure the accuracy of financial reporting.
SOX has been credited with increasing the transparency and accountability of publicly traded companies and helping to restore investor confidence, but it has also been criticized for increasing the compliance burden on companies and potentially hampering their ability to compete.
With the help of Securiti's AI-powered data mapping solution, businesses can easily switch from manual to automated data mapping processes while automating the full data mapping lifecycle. This assists businesses in dynamically updating records and identifying data residing across on-premise and multi-cloud environments.
To comply with changing international privacy standards, organizations can also automate their records of processing activities (RoPA) reports, privacy impact assessments, and data protection impact assessments.
Securiti’s dynamic portal provides built-in, custom, and importable assessment templates that can be dynamically managed based on organizational needs. On the other hand, assessment progress can be monitored in real-time, providing comprehensive visibility on all assessments.
The Sarbanes-Oxley Act, commonly known as SOX, is a federal law that was enacted in 2002 in response to a number of high-profile corporate accounting scandals. The act establishes standards for publicly traded companies and their financial reporting practices.
The act requires publicly traded companies to adopt stronger internal controls to prevent fraud and ensure the accuracy of financial reporting. It also requires CEOs and CFOs to certify the accuracy of their company's financial statements, requires companies to disclose any conflicts of interest, and requires independent audits of financial statements. In addition, the act prohibits insider trading and imposes strict penalties for those who engage in it.
The Sarbanes-Oxley Act applies to publicly traded companies, including both domestic and foreign companies, that are listed on U.S. stock exchanges. It also applies to the accounting firms that audit these companies.
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