What US Sarbanes-Oxley Act (15 USC ch 98): Corporate Responsibility, Internal Controls and Audit Oversight requires
The Sarbanes-Oxley Act of 2002 (15 U.S.C. ch. 98) reformed the governance, financial reporting and audit of US public companies, administered by the Securities and Exchange Commission with the Public Company Accounting Oversight Board. Section 7211 establishes the Public Company Accounting Oversight Board to oversee the audits of public companies, and section 7213 directs the Board to set auditing, quality control and ethics standards. Sections 7231 and 7232 address auditor independence, including restrictions on non-audit services and audit partner rotation. Section 7241 requires the principal executive officer and principal financial officer to certify, in each annual and quarterly report, that they have reviewed the report, that it contains no material misstatement or omission, that the financial statements fairly present the financial condition, and that they have established and evaluated internal controls and disclosed deficiencies and fraud. Section 7262 requires management to assess and report on the effectiveness of internal control over financial reporting, with auditor attestation. Section 7245 authorizes officer and director bars. The criminal certification requirement, codified at 18 U.S.C. 1350, imposes fines and imprisonment for a knowing or willful false certification. The Act is the legal foundation for US public company internal controls and audit oversight.
Pillar: Banking & Global Finance · Authority: US Congress / Securities and Exchange Commission / PCAOB · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title15/html/USCODE-2022-title15-chap98.htm
SHA-256 integrity: e97914d6e074157962bb54c4e6e7654f99848f888c71c27c07e01812eeb7cfc4
Primary Citations — 8 traced to source
- Sarbanes-Oxley Act, 15 U.S.C. 7211 - establishment and administrative provisions of the Public Company Accounting Oversight Board.
- Sarbanes-Oxley Act, 15 U.S.C. 7213 - auditing, quality control, and ethics standards.
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