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Sarbanes Oxley Compliance - Sarbanes Oxley Act

 
Fortune: Enron is the country's "most innovative" corporation
New York Times: Enron is "a model for the new American workplace"

Enron's stock price had risen 50 percent in 1999, and then another 90 percent in 2000. In the first quarter of 2001, Enron reported a 20 percent increase in profits, and for the second quarter, a further 40 percent increase.
 
By the end of 2001, Enron was bankrupt.
 
Sarbanes Oxley Act
 
 
Sarbanes Oxley Section 1. Short title; table of contents.
Sarbanes Oxley Section 2. Definitions.
Sarbanes Oxley Section 3. Commission rules and enforcement.
 
TITLE I—PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD
Sarbanes Oxley Section 101. Establishment; administrative provisions.
Sarbanes Oxley Section 102. Registration with the Board.
Sarbanes Oxley Section 103. Auditing, quality control, and independence standards and rules.
Sarbanes Oxley Section 104. Inspections of registered public accounting firms.
Sarbanes Oxley Section 105. Investigations and disciplinary proceedings.
Sarbanes Oxley Section 106. Foreign public accounting firms.
Sarbanes Oxley Section 107. Commission oversight of the Board.
Sarbanes Oxley Section 108. Accounting standards.
Sarbanes Oxley Section 109. Funding.
 
TITLE II—AUDITOR INDEPENDENCE
Sarbanes Oxley Section 201. Services outside the scope of practice of auditors.
Sarbanes Oxley Section 202. Preapproval requirements.
Sarbanes Oxley Section 203. Audit partner rotation.
Sarbanes Oxley Section 204. Auditor reports to audit committees.
Sarbanes Oxley Section 205. Conforming amendments.
Sarbanes Oxley Section 206. Conflicts of interest.
Sarbanes Oxley Section 207. Study of mandatory rotation of registered public accounting firms.
Sarbanes Oxley Section 208. Commission authority.
Sarbanes Oxley Section 209. Considerations by appropriate State regulatory authorities.
 
TITLE III—CORPORATE RESPONSIBILITY
Sarbanes Oxley Section 301. Public company audit committees.
Sarbanes Oxley Section 302. Corporate responsibility for financial reports.
Sarbanes Oxley Section 303. Improper influence on conduct of audits.
Sarbanes Oxley Section 304. Forfeiture of certain bonuses and profits.
Sarbanes Oxley Section 305. Officer and director bars and penalties.
Sarbanes Oxley Section 306. Insider trades during pension fund blackout periods.
Sarbanes Oxley Section 307. Rules of professional responsibility for attorneys.
Sarbanes Oxley Section 308. Fair funds for investors.
 
TITLE IV—ENHANCED FINANCIAL DISCLOSURES
Sarbanes Oxley Section 401. Disclosures in periodic reports.
Sarbanes Oxley Section 402. Enhanced conflict of interest provisions.
Sarbanes Oxley Section 403. Disclosures of transactions involving management and principal stockholders.
Sarbanes Oxley Section 404. Management assessment of internal controls.
Sarbanes Oxley Section 405. Exemption.
Sarbanes Oxley Section 406. Code of ethics for senior financial officers.
Sarbanes Oxley Section 407. Disclosure of audit committee financial expert.
Sarbanes Oxley Section 408. Enhanced review of periodic disclosures by issuers.
Sarbanes Oxley Section 409. Real time issuer disclosures.
 
TITLE V—ANALYST CONFLICTS OF INTEREST
Sarbanes Oxley Section 501. Treatment of securities analysts by registered securities associations and
national securities exchanges.
 
TITLE VI—COMMISSION RESOURCES AND AUTHORITY
Sarbanes Oxley Section 601. Authorization of appropriations.
Sarbanes Oxley Section 602. Appearance and practice before the Commission.
Sarbanes Oxley Section 603. Federal court authority to impose penny stock bars.
Sarbanes Oxley Section 604. Qualifications of associated persons of brokers and dealers.
 
TITLE VII—STUDIES AND REPORTS
Sarbanes Oxley Section 701. GAO study and report regarding consolidation of public accounting firms.
Sarbanes Oxley Section 702. Commission study and report regarding credit rating agencies.
Sarbanes Oxley Section 703. Study and report on violators and violations
Sarbanes Oxley Section 704. Study of enforcement actions.
Sarbanes Oxley Section 705. Study of investment banks.
 
TITLE VIII—CORPORATE AND CRIMINAL FRAUD ACCOUNTABILITY
Sarbanes Oxley Section 801. Short title.
Sarbanes Oxley Section 802. Criminal penalties for altering documents.
Sarbanes Oxley Section 803. Debts nondischargeable if incurred in violation of securities fraud laws.
Sarbanes Oxley Section 804. Statute of limitations for securities fraud.
Sarbanes Oxley Section 805. Review of Federal Sentencing Guidelines for obstruction of justice and extensive criminal fraud.
Sarbanes Oxley Section 806. Protection for employees of publicly traded companies who provide evidence of fraud.
Sarbanes Oxley Section 807. Criminal penalties for defrauding shareholders of publicly traded companies.
 
TITLE IX—WHITE-COLLAR CRIME PENALTY ENHANCEMENTS
Sarbanes Oxley Section 901. Short title.
Sarbanes Oxley Section 902. Attempts and conspiracies to commit criminal fraud offenses.
Sarbanes Oxley Section 903. Criminal penalties for mail and wire fraud.
Sarbanes Oxley Section 904. Criminal penalties for violations of the Employee Retirement Income Security Act of 1974.
Sarbanes Oxley Section 905. Amendment to sentencing guidelines relating to certain white-collar offenses.
Sarbanes Oxley Section 906. Corporate responsibility for financial reports.
 
TITLE X—CORPORATE TAX RETURNS
Sarbanes Oxley Section 1001. Sense of the Senate regarding the signing of corporate tax returns by
chief executive officers.
 
TITLE XI—CORPORATE FRAUD AND ACCOUNTABILITY
Sarbanes Oxley Section 1101. Short title.
Sarbanes Oxley Section 1102. Tampering with a record or otherwise impeding an official proceeding.
Sarbanes Oxley Section 1103. Temporary freeze authority for the Securities and Exchange Commission.
Sarbanes Oxley Section 1104. Amendment to the Federal Sentencing Guidelines.
Sarbanes Oxley Section 1105. Authority of the Commission to prohibit persons from serving as officers
or directors.
Sarbanes Oxley Section 1106. Increased criminal penalties under Securities Exchange Act of 1934.
Sarbanes Oxley Section 1107. Retaliation against informants.