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{"catalog":{"description":"In 2002, Sarbanes-Oxley was named after bill sponsors U.S. Senator <a href=\"https://en.wikipedia.org/wiki/Paul_Sarbanes\" title=\"Paul Sarbanes\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Paul Sarbanes</a> (<a href=\"https://en.wikipedia.org/wiki/Democratic_Party_(United_States)\" title=\"Democratic Party (United States)\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">D</a>-<a href=\"https://en.wikipedia.org/wiki/Maryland\" title=\"Maryland\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">MD</a>) and U.S. Representative <a href=\"https://en.wikipedia.org/wiki/Michael_G._Oxley\" class=\"mw-redirect\" title=\"Michael G. Oxley\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Michael G. Oxley</a> (<a href=\"https://en.wikipedia.org/wiki/Republican_Party_(United_States)\" title=\"Republican Party (United States)\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">R</a>-<a href=\"https://en.wikipedia.org/wiki/Ohio\" title=\"Ohio\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">OH</a>). As a result of SOX, top management must individually certify the accuracy of financial information. In addition, penalties for fraudulent financial activity are much more severe. Also, SOX increased the oversight role of boards of directors and the independence of the outside auditors who review the accuracy of corporate financial statements.<a href=\"https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act#cite_note-2\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">[2]</a>The bill was enacted as a reaction to a number of major <a href=\"https://en.wikipedia.org/wiki/Accounting_scandals\" title=\"Accounting scandals\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">corporate and accounting scandals</a>, including those affecting <a href=\"https://en.wikipedia.org/wiki/Enron\" title=\"Enron\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Enron</a>, <a href=\"https://en.wikipedia.org/wiki/Tyco_International\" title=\"Tyco International\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Tyco International</a>, <a href=\"https://en.wikipedia.org/wiki/Adelphia_Communications_Corporation\" title=\"Adelphia Communications Corporation\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Adelphia</a>, <a href=\"https://en.wikipedia.org/wiki/Peregrine_Systems\" title=\"Peregrine Systems\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Peregrine Systems</a>, and <a href=\"https://en.wikipedia.org/wiki/WorldCom\" class=\"mw-redirect\" title=\"WorldCom\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">WorldCom</a>. These scandals cost investors billions of dollars when the share prices of affected companies collapsed, and shook public confidence in the US <a href=\"https://en.wikipedia.org/wiki/Capital_market\" title=\"Capital market\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">securities markets</a>.<a href=\"https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act#cite_note-3\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">[3]</a>The act contains eleven titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, and requires the <a href=\"https://en.wikipedia.org/wiki/United_States_Securities_and_Exchange_Commission\" class=\"mw-redirect\" title=\"United States Securities and Exchange Commission\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Securities and Exchange Commission</a> (SEC) to implement rulings on requirements to comply with the law. <a href=\"https://en.wikipedia.org/wiki/Harvey_Pitt\" title=\"Harvey Pitt\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Harvey Pitt</a>, the 26th chairman of the SEC, led the SEC in the adoption of dozens of rules to implement the Sarbanes–Oxley Act. It created a new, quasi-public agency, the <a href=\"https://en.wikipedia.org/wiki/Public_Company_Accounting_Oversight_Board\" title=\"Public Company Accounting Oversight Board\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Public Company Accounting Oversight Board</a>, or PCAOB, charged with overseeing, regulating, inspecting, and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as <a href=\"https://en.wikipedia.org/wiki/Auditor\" title=\"Auditor\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">auditor</a> independence, <a href=\"https://en.wikipedia.org/wiki/Corporate_governance\" title=\"Corporate governance\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">corporate governance</a>, <a href=\"https://en.wikipedia.org/wiki/Internal_control\" title=\"Internal control\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">internal control</a> assessment, and enhanced financial disclosure. The nonprofit arm of <a href=\"https://en.wikipedia.org/wiki/Financial_Executives_International_(FEI)\" class=\"mw-redirect\" title=\"Financial Executives International (FEI)\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Financial Executives International (FEI)</a>, Financial Executives Research Foundation (FERF), completed extensive research studies to help support the foundations of the act.<a href=\"https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act#cite_note-4\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">[4]</a>The act was approved in the <a href=\"https://en.wikipedia.org/wiki/United_States_House_of_Representatives\" title=\"United States House of Representatives\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">House</a> by a vote of <a rel=\"nofollow\" class=\"external text\" href=\"http://clerk.house.gov/evs/2002/roll348.xml\" style=\"color: rgb(51, 102, 187); background-image: url("/w/skins/Vector/resources/skins.vector.styles/images/external-link-ltr-icon.svg?b4b84"); background-position: right center; background-size: initial; background-repeat: no-repeat; background-attachment: initial; background-origin: initial; background-clip: initial; padding-right: 13px;\">423 in favor, 3 opposed, and 8 abstaining</a> and in the <a href=\"https://en.wikipedia.org/wiki/United_States_Senate\" title=\"United States Senate\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Senate</a> with a vote of <a rel=\"nofollow\" class=\"external text\" href=\"https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=107&session=2&vote=00192\" style=\"color: rgb(51, 102, 187); background-image: url("/w/skins/Vector/resources/skins.vector.styles/images/external-link-ltr-icon.svg?b4b84"); background-position: right center; background-size: initial; background-repeat: no-repeat; background-attachment: initial; background-origin: initial; background-clip: initial; padding-right: 13px;\">99 in favor and 1 abstaining</a>. President George W. Bush signed it into law, stating it included \"the most far-reaching reforms of American business practices since the time of <a href=\"https://en.wikipedia.org/wiki/Franklin_D._Roosevelt\" title=\"Franklin D. Roosevelt\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Franklin D. Roosevelt</a>. The era of low standards and false profits is over; no boardroom in America is above or beyond the law.\"<a href=\"https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act#cite_note-Bumiller2002-5\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">[5]</a>In response to the perception that stricter financial governance laws are needed, SOX-type regulations were subsequently enacted in Canada (2002), Germany (2002), South Africa (2002), France (2003), Australia (2004), India (2005), Japan (2006), Italy (2006), Israel, and Turkey.<a href=\"https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act#cite_note-6\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">[6]</a> (See <a href=\"https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act#Similar_laws_in_other_countries\" title=\"Sarbanes–Oxley Act\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">§ Similar laws in other countries</a> below.)Debates continued as of 2007 over the perceived benefits and costs of SOX. Opponents of the bill have claimed it has reduced America's international competitive edge against foreign financial service providers because it has introduced an overly complex regulatory environment into US financial markets. A study commissioned by NYC Mayor <a href=\"https://en.wikipedia.org/wiki/Michael_Bloomberg\" title=\"Michael Bloomberg\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Michael Bloomberg</a> and US Sen. <a href=\"https://en.wikipedia.org/wiki/Chuck_Schumer\" title=\"Chuck Schumer\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Chuck Schumer</a>, (D-NY), cited this as one reason America's financial sector is losing market share to other financial centers worldwide.<a href=\"https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act#cite_note-7\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">[7]</a> Proponents of the measure said that SOX has been a \"godsend\" for improving the confidence of fund managers and other investors with regard to the veracity of corporate financial statements.<a href=\"https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act#cite_note-8\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">[8]</a>The 10th anniversary of SOX coincided with the passing of the <a href=\"https://en.wikipedia.org/wiki/Jumpstart_Our_Business_Startups_Act\" title=\"Jumpstart Our Business Startups Act\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Jumpstart Our Business Startups (JOBS) Act</a>, designed to give emerging companies an economic boost, and cutting back on a number of regulatory requirements","uuid":"664db8eb-268c-443b-abc3-692e04a4298e","datePublished":"2002-07-30T04:00:00","version":"1.0.0","abstract":"<ol style=\"margin: 0.3em 0px 0px 3.2em; padding: 0px; list-style-image: none; color: rgb(32, 33, 34); font-family: sans-serif;\"><li style=\"margin-bottom: 0.1em;\">Public Company Accounting Oversight Board (PCAOB)<dl style=\"margin-top: 0.2em; margin-bottom: 0.5em;\"><dd style=\"margin-left: 1.6em; margin-bottom: 0.1em; margin-right: 0px;\">Title I consists of nine sections and establishes the <a href=\"https://en.wikipedia.org/wiki/Public_Company_Accounting_Oversight_Board\" title=\"Public Company Accounting Oversight Board\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Public Company Accounting Oversight Board</a>, to provide independent oversight of public accounting firms providing audit services (\"auditors\"). It also creates a central oversight board tasked with registering auditors, defining the specific processes and procedures for compliance audits, inspecting and policing conduct and quality control, and enforcing compliance with the specific mandates of SOX.</dd></dl></li><li style=\"margin-bottom: 0.1em;\">Auditor Independence<dl style=\"margin-top: 0.2em; margin-bottom: 0.5em;\"><dd style=\"margin-left: 1.6em; margin-bottom: 0.1em; margin-right: 0px;\">Title II consists of nine sections and establishes standards for external auditor independence, to limit conflicts of interest. It also addresses new auditor approval requirements, audit partner rotation, and auditor reporting requirements. It restricts auditing companies from providing non-audit services (e.g., consulting) for the same clients.</dd></dl></li><li style=\"margin-bottom: 0.1em;\">Corporate Responsibility<dl style=\"margin-top: 0.2em; margin-bottom: 0.5em;\"><dd style=\"margin-left: 1.6em; margin-bottom: 0.1em; margin-right: 0px;\">Title III consists of eight sections and mandates that senior executives take individual responsibility for the accuracy and completeness of corporate financial reports. It defines the interaction of external auditors and corporate audit committees, and specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports. It enumerates specific limits on the behaviors of corporate officers and describes specific forfeitures of benefits and civil penalties for non-compliance. For example, Section 302 requires that the company's \"principal officers\" (typically the <a href=\"https://en.wikipedia.org/wiki/Chief_Executive_Officer\" class=\"mw-redirect\" title=\"Chief Executive Officer\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Chief Executive Officer</a> and <a href=\"https://en.wikipedia.org/wiki/Chief_Financial_Officer\" class=\"mw-redirect\" title=\"Chief Financial Officer\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Chief Financial Officer</a>) certify and approve the integrity of their company financial reports quarterly.<a href=\"https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act#cite_note-9\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">[9]</a></dd></dl></li><li style=\"margin-bottom: 0.1em;\">Enhanced Financial Disclosures<dl style=\"margin-top: 0.2em; margin-bottom: 0.5em;\"><dd style=\"margin-left: 1.6em; margin-bottom: 0.1em; margin-right: 0px;\">Title IV consists of nine sections. It describes enhanced reporting requirements for financial transactions, including <a href=\"https://en.wikipedia.org/wiki/Off-balance-sheet\" title=\"Off-balance-sheet\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">off-balance-sheet</a> transactions, <a href=\"https://en.wikipedia.org/wiki/Pro-forma\" class=\"mw-redirect\" title=\"Pro-forma\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">pro-forma</a> figures and stock transactions of corporate officers. It requires internal controls for assuring the accuracy of financial reports and disclosures, and mandates both audits and reports on those controls. It also requires timely reporting of material changes in financial condition and specific enhanced reviews by the SEC or its agents of corporate reports.</dd></dl></li><li style=\"margin-bottom: 0.1em;\">Analyst Conflicts of Interest<dl style=\"margin-top: 0.2em; margin-bottom: 0.5em;\"><dd style=\"margin-left: 1.6em; margin-bottom: 0.1em; margin-right: 0px;\">Title V consists of only one section, which includes measures designed to help restore investor confidence in the reporting of securities analysts. It defines the codes of conduct for securities analysts and requires disclosure of knowable conflicts of interest.</dd></dl></li><li style=\"margin-bottom: 0.1em;\">Commission Resources and Authority<dl style=\"margin-top: 0.2em; margin-bottom: 0.5em;\"><dd style=\"margin-left: 1.6em; margin-bottom: 0.1em; margin-right: 0px;\">Title VI consists of four sections and defines practices to restore investor confidence in securities analysts. It also defines the SEC's authority to censure or bar securities professionals from practice and defines conditions under which a person can be barred from practicing as a broker, advisor, or dealer.</dd></dl></li><li style=\"margin-bottom: 0.1em;\">Studies and Reports<dl style=\"margin-top: 0.2em; margin-bottom: 0.5em;\"><dd style=\"margin-left: 1.6em; margin-bottom: 0.1em; margin-right: 0px;\">Title VII consists of five sections and requires the <a href=\"https://en.wikipedia.org/wiki/Comptroller_General_of_the_United_States\" title=\"Comptroller General of the United States\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Comptroller General</a> and the SEC to perform various studies and report their findings. Studies and reports include the effects of consolidation of public accounting firms, the role of credit rating agencies in the operation of securities markets, securities violations, and enforcement actions, and whether investment banks assisted <a href=\"https://en.wikipedia.org/wiki/Enron\" title=\"Enron\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Enron</a>, <a href=\"https://en.wikipedia.org/wiki/Global_Crossing\" title=\"Global Crossing\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Global Crossing</a>, and others to manipulate earnings and obfuscate true financial conditions.</dd></dl></li><li style=\"margin-bottom: 0.1em;\">Corporate and Criminal Fraud Accountability<dl style=\"margin-top: 0.2em; margin-bottom: 0.5em;\"><dd style=\"margin-left: 1.6em; margin-bottom: 0.1em; margin-right: 0px;\">Title VIII consists of seven sections and is also referred to as the \"Corporate and Criminal Fraud Accountability Act of 2002\". It describes specific criminal penalties for manipulation, destruction or alteration of financial records or other interference with investigations, while providing certain protections for whistle-blowers.</dd></dl></li><li style=\"margin-bottom: 0.1em;\">White Collar Crime Penalty Enhancement<dl style=\"margin-top: 0.2em; margin-bottom: 0.5em;\"><dd style=\"margin-left: 1.6em; margin-bottom: 0.1em; margin-right: 0px;\">Title IX consists of six sections. This section is also called the \"White Collar Crime Penalty Enhancement Act of 2002\". This section increases the criminal penalties associated with <a href=\"https://en.wikipedia.org/wiki/White-collar_crime\" title=\"White-collar crime\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">white-collar crimes</a> and conspiracies. It recommends stronger sentencing guidelines and specifically adds failure to certify corporate financial reports as a criminal offense.</dd></dl></li><li style=\"margin-bottom: 0.1em;\">Corporate Tax Returns<dl style=\"margin-top: 0.2em; margin-bottom: 0.5em;\"><dd style=\"margin-left: 1.6em; margin-bottom: 0.1em; margin-right: 0px;\">Title X consists of one section. Section 1001 states that the <a href=\"https://en.wikipedia.org/wiki/Chief_Executive_Officer\" class=\"mw-redirect\" title=\"Chief Executive Officer\" style=\"color: rgb(6, 69, 173); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">Chief Executive Officer</a> should sign the company tax return.</dd></dl></li><li style=\"margin-bottom: 0.1em;\">Corporate Fraud Accountability<dl style=\"margin-top: 0.2em; margin-bottom: 0.5em;\"><dd style=\"margin-left: 1.6em; margin-bottom: 0.1em; margin-right: 0px;\">Title XI consists of seven sections. Section 1101 recommends a name for this title as \"Corporate Fraud Accountability Act of 2002\". It identifies corporate fraud and records tampering as criminal offenses and joins those offenses to specific penalties. It also revises sentencing guidelines and strengthens their penalties. This enables the SEC to resort to temporarily freezing transactions or payments that have been deemed \"large\" or \"unusual\".</dd></dl></li></ol>","url":"https://www.congress.gov/bill/107th-congress/house-bill/3763","defaultName":"sox","title":"H.R.3763 - Sarbanes-Oxley Act of 2002","lastRevisionDate":"2024-01-29","regulationDatePublished":"2002-07-30","keywords":"Contract Management, Agency cost, Basel Accord, Big Four (audit firms), Data Loss Prevention, Data governance, Glass–Steagall Act, Holding Foreign Companies Accountable Act, Information technology audit, Information technology controls, ISO/IEC 27000-series, Richard M. Scrushy, CEO of HealthSouth, the first executive charged and to be acquitted under Sarbanes-Oxley, HealthSouth, Fair Funds, Reg FD","securityControls":[{"id":22716,"description":"N/A","references":"","tenantsId":1,"uuid":"482f8bb7-7206-4e41-912e-369910d9a4d8","family":"Title I: Public Company Accounting Oversight Board","subControls":"","weight":0,"title":"(Sec. 101) Prohibits Board membership from including more than two certified public accountants.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 101"},{"id":22717,"description":"N/A","references":"","tenantsId":1,"uuid":"6ad5e97f-0f2b-4d3a-a30a-34bd6fd1ec37","family":"Title I: Public Company Accounting Oversight Board","subControls":"","weight":0,"title":"(Sec. 102) Requires a public accounting firm that performs or participates in any audit report with respect to any issuer to register with the Board.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 102"},{"id":22718,"description":"Requires auditing standards to include: (1) a seven-year retention period for audit work papers; (2) concurring or second partner review and approval by a Board-prescribed qualified person; (3) an evaluation of whether internal control structure and procedures include records that accurately reflect transactions and dispositions of assets; (4) assurance that transactions are recorded to permit preparation of financial statements in accordance with generally accepted accounting principles (GAAP), and that receipts and expenditures are made only with authorization of senior management and directors; and (5) a description of both material weaknesses in internal controls and of material noncompliance.","references":"","tenantsId":1,"uuid":"f11153b6-afd5-4e8f-bca1-2f1740a196a9","family":"Title I: Public Company Accounting Oversight Board","subControls":"","weight":0,"title":"(Sec. 103) Directs the Board to establish (or modify) the auditing and related attestation standards, quality control, and the ethics standards used by registered public accounting firms to prepare and issue audit reports.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 103"},{"id":22719,"description":" (1) annually for firms that regularly provide audit reports for more than 100 issuers; and (2) at least every three years for firms that regularly provide audit reports for 100 or fewer issuers. ","references":"","tenantsId":1,"uuid":"e262cd51-c2f0-476d-b362-5ce5461bd67b","family":"Title I: Public Company Accounting Oversight Board","subControls":"","weight":0,"title":"(Sec. 104) Mandates that a program of continuing inspections to ensure compliance is conducted:","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 104"},{"id":22720,"description":"Restricts sanctions and penalties to intentional conduct or to repeated instances of negligent conduct.Authorizes the Board to impose sanctions upon a registered accounting firm or its supervisory personnel for failure to supervise.","references":"","tenantsId":1,"uuid":"0b000f37-a4a4-49a4-bbe3-4774928426e3","family":"Title I: Public Company Accounting Oversight Board","subControls":"","weight":0,"title":"(Sec. 105) Empowers the Board to impose disciplinary or remedial sanctions upon registered public accounting firms, associated persons, and accountants.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 105"},{"id":22721,"description":"N/A","references":"","tenantsId":1,"uuid":"08a48277-00a5-4ab8-b0d2-24e09d4c68ed","family":"Title I: Public Company Accounting Oversight Board","subControls":"","weight":0,"title":"(Sec. 106) Places within the purview of this Act foreign public accounting firms that prepare or furnish an audit report for an issuer, including audit workpapers.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 106"},{"id":22722,"description":"N/A","references":"","tenantsId":1,"uuid":"6182fb83-631e-49a1-85a2-00cb0ff5060b","family":"Title I: Public Company Accounting Oversight Board","subControls":"","weight":0,"title":"(Sec. 107) Grants the Securities and Exchange Commission (SEC) general oversight and enforcement authority over the Board, including prior approval of Board rules; review of disciplinary action taken by the Board; and general modification and rescission of Board authority.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 107"},{"id":22723,"description":"N/A","references":"","tenantsId":1,"uuid":"76c92d69-5aba-4db6-8172-2d617d087c33","family":"Title I: Public Company Accounting Oversight Board","subControls":"","weight":0,"title":"(Sec. 108) Directs the SEC to report to Congress on adoption of a principles-based accounting system by the U.S. financial reporting system.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 108"},{"id":22724,"description":"N/A","references":"","tenantsId":1,"uuid":"9cb4b3f4-301c-4370-8c80-7c39de64bc63","family":"Title I: Public Company Accounting Oversight Board","subControls":"","weight":0,"title":"(Sec. 109) Directs the Board to establish annual accounting support fees which shall be collected from issuers.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 109"},{"id":22725,"description":"N/A","references":"","tenantsId":1,"uuid":"e4cd4882-c6ea-492e-8b63-bf13130f271f","family":"Title II: Auditor Independence","subControls":"","weight":0,"title":"(Sec. 202) Mandates: (1) preapproval by the audit committee of the issuer of all auditing and non-auditing services provided by an auditor; and (2) disclosure of such preapproval in periodic reports to investors.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 202"},{"id":22726,"description":"N/A","references":"","tenantsId":1,"uuid":"232480d1-b806-4ffd-a790-f6e17c24c732","family":"Title II: Auditor Independence","subControls":"","weight":0,"title":"(Sec. 203) Mandates: (1) audit partner rotation on a five-year basis; and (2) auditor reports to audit committees of the issuer.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 203"},{"id":22727,"description":"(1) critical accounting policies and practices used in the audit; (2) alternative treatments and their ramifications within generally accepted accounting principles that have been discussed with management officials; (3) the treatment preferred by the auditor; and (4) material written communications between the auditor and senior management. ","references":"","tenantsId":1,"uuid":"c25c35c0-172f-4482-bf19-133a6338ad1c","family":"Title II: Auditor Independence","subControls":"","weight":0,"title":"(Sec. 204) Requires an auditor to report timely to the audit committee","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 204"},{"id":22728,"description":"N/A ","references":"","tenantsId":1,"uuid":"eddd8184-1f99-4f32-9df5-8656100bddba","family":"Title II: Auditor Independence","subControls":"","weight":0,"title":"(Sec. 206) Prohibits an auditor from performing audit services if the issuer's senior executives had been employed by such auditor and had participated in the audit of the issuer during the one-year period preceding the audit initiation date (conflict of interests).","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 206"},{"id":22729,"description":"N/A ","references":"","tenantsId":1,"uuid":"de7192e5-2f8d-4879-b63f-f5b349c24802","family":"Title II: Auditor Independence","subControls":"","weight":0,"title":"(Sec. 207) Directs the Comptroller General (GAO) to report to Congress on the potential effects of mandatory rotation of registered public accounting firms (limiting the number of years such firms may remain auditor of record for a particular issuer).","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 207"},{"id":22730,"description":"N/A ","references":"","tenantsId":1,"uuid":"e3ae92dd-e271-40fe-803d-f8886c735509","family":"Title II: Auditor Independence","subControls":"","weight":0,"title":"(Sec. 209) Declares that State regulatory authorities should determine independently the standards for supervising nonregistered public accounting firms and consider the size and nature of their clients' businesses audit.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 209"},{"id":22731,"description":"(1) the report does not contain untrue statements or material omissions; (2) the financial statements fairly present, in all material respects, the financial condition and results of operations; and (3) such officers are responsible for internal controls designed to ensure that they receive material information regarding the issuer and consolidated subsidiaries.Requires such senior corporate officers additionally to certify that they have disclosed to the auditors and audit committee of the board of directors; (1) significant internal control deficiencies; and (2) any fraud that involves staff who have a significant role in the issuer's internal controls.States that the rules governing corporate responsibility apply to issuers even if they have reincorporated or transferred their corporate domicile or offices from inside the United States to outside the United States.","references":"","tenantsId":1,"uuid":"f49cdf5a-130b-4a96-9e5e-f7cc0588602a","family":"Title III: Corporate Responsibility","subControls":"","weight":0,"title":"(Sec. 302) Instructs the SEC to promulgate requirements that the principal executive officer and principal financial officer certify the following in periodic financial reports","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 302"},{"id":22732,"description":"N/A","references":"","tenantsId":1,"uuid":"b71b61d7-539d-4776-9515-957e5788fabe","family":"Title III: Corporate Responsibility","subControls":"","weight":0,"title":"(Sec. 303) Deems unlawful efforts by corporate personnel to exert improper influence upon an audit for the purpose of rendering financial statements materially misleading.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 303"},{"id":22733,"description":"N/A","references":"","tenantsId":1,"uuid":"4f8bece6-c519-4337-886f-ee462a29ad03","family":"Title III: Corporate Responsibility","subControls":"","weight":0,"title":"(Sec. 304) Requires the chief executive officer and chief financial officer to forfeit certain bonuses and compensation received following an accounting restatement that has been triggered by a violation of securities laws.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 304"},{"id":22734,"description":"N/A","references":"","tenantsId":1,"uuid":"18375c78-4e8e-4065-9e41-3b496668a14c","family":"Title III: Corporate Responsibility","subControls":"","weight":0,"title":"(Sec. 305) Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to authorize a Federal court to bar a violator of certain SEC rules from serving as an officer or director of an issuer if the person's conduct demonstrates unfitness to serve (the current standard is \"substantial unfitness\").","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 305"},{"id":22735,"description":"Limits actions to recover profits to two years after the date on which such profits were realized.Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require a plan administrator to notify the following parties of an impending blackout period: (1) participants and beneficiaries in individual account plans; and (2) the issuer of any employer securities subject to such blackout period. Subjects a plan administrator to civil penalties for failure to notify.","references":"","tenantsId":1,"uuid":"ee03ca6b-ece5-4bec-b060-0296cb73ed62","family":"Title III: Corporate Responsibility","subControls":"","weight":0,"title":"(Sec. 306) Prohibits insider trades during pension fund blackout periods if the equity security was acquired in connection with services as either a director, or employment as an executive officer. States that profits realized from such trades shall inure to and be recoverable by the issuer irrespective of the intent of the parties to the transaction.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 306"},{"id":22736,"description":"N/A","references":"","tenantsId":1,"uuid":"38fbd438-606e-4da3-bca0-8f243bcb7cb9","family":"Title III: Corporate Responsibility","subControls":"","weight":0,"title":"(Sec. 307) Directs the SEC to issue rules of professional responsibility for attorneys who practice before the Commission, including a rule requiring an attorney to report a material violation or breach of fiduciary duty to: (1) the chief legal counsel or chief executive officer of the company; and (2) the audit committee of the board of directors if such legal counsel or officer does not respond appropriately.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 307"},{"id":22737,"description":"Instructs the SEC to report to Congress on previous procedural actions taken to obtain civil penalties or disgorgement in order to identify where such procedures may be used to provide restitution efficiently for injured investors. ","references":"","tenantsId":1,"uuid":"1d218db5-f819-469c-aa29-904f5ba68d3b","family":"Title III: Corporate Responsibility","subControls":"","weight":0,"title":"(Sec. 308) Allows civil penalties to be added to a disgorgement fund for the benefit of victims of securities violations if such penalties were obtained by the SEC in addition to an order for disgorgement.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 308"},{"id":22738,"description":"N/A ","references":"","tenantsId":1,"uuid":"53154bf1-e944-4844-9cdb-19e5dafe709a","family":"Title IV: Enhanced Financial Disclosures","subControls":"","weight":0,"title":"(Sec. 401) Directs the SEC to report to Congress on: (1) the extent of off-balance sheet transactions and the use of special purpose entities; and (2) whether GAAP clearly conveys to investors the economics of off-balance sheet transactions; and (3) the extent to which special purpose entities are used to facilitate off-balance sheet transactions.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 401"},{"id":22739,"description":"Permits certain loans if: (1) made in the ordinary course of the consumer credit business of the issuer; (2) of a type generally made available by the corporation to the public; and (3) made on market terms, or on terms that are no more favorable than those offered to the public.Permits loans for: (1) home improvement and manufactured homes; (2) consumer credit; (3) an open end credit plan or a charge card; (4) credit extended by a broker or dealer for employee securities trades; and (5) made by an insured depository institution if they are subject to the insider lending restrictions of the Federal Reserve Act.","references":"","tenantsId":1,"uuid":"3ac88580-47f6-4a6e-b5f4-7ec952ee6e77","family":"Title IV: Enhanced Financial Disclosures","subControls":"","weight":0,"title":"(Sec. 402) Prohibits personal loans extended by a corporation to its executives and directors.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 402"},{"id":22740,"description":"Permits certain loans if: (1) made in the ordinary course of the consumer credit business of the issuer; (2) of a type generally made available by the corporation to the public; and (3) made on market terms, or on terms that are no more favorable than those offered to the public.Permits loans for: (1) home improvement and manufactured homes; (2) consumer credit; (3) an open end credit plan or a charge card; (4) credit extended by a broker or dealer for employee securities trades; and (5) made by an insured depository institution if they are subject to the insider lending restrictions of the Federal Reserve Act.","references":"","tenantsId":1,"uuid":"1753a6a3-d980-4dcd-84b0-54c064e415bc","family":"Title IV: Enhanced Financial Disclosures","subControls":"","weight":0,"title":"(Sec. 403) Requires senior management, directors, and principal stockholders to disclose changes in securities ownership or security-based swap agreements within two business days after such transactions were executed (currently ten days after the close of the calendar month). Mandates electronic filing and availability of such disclosures one year after the date of enactment of this Act.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 403"},{"id":22741,"description":"N/A","references":"","tenantsId":1,"uuid":"21e5def8-6fda-41c6-b8c0-60b86a303720","family":"Title IV: Enhanced Financial Disclosures","subControls":"","weight":0,"title":"(Sec. 404) Directs the SEC to require by rule that annual reports include an internal control report which: (1) avers management responsibility for maintaining adequate internal control mechanisms for financial reporting; and (2) evaluates the efficacy of such mechanisms. Requires the public accounting firm responsible for the audit report to attest to and report on the assessment made by the issuer.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 404"},{"id":22742,"description":"N/A","references":"","tenantsId":1,"uuid":"f39f1a2a-0a24-4658-bb39-37007a0ee114","family":"Title IV: Enhanced Financial Disclosures","subControls":"","weight":0,"title":"(Sec. 406) Directs the SEC to issue rules requiring an issuer to disclose whether it has adopted a code of ethics for its senior financial officers, including its principal financial officer or principal accounting officer.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 406"},{"id":22743,"description":"N/A","references":"","tenantsId":1,"uuid":"4da4d2de-439f-4bc0-a84a-1801ec509e3c","family":"Title IV: Enhanced Financial Disclosures","subControls":"","weight":0,"title":"(Sec. 407) Sets a deadline for the SEC to promulgate rules requiring an issuer to disclose whether its audit committee consists of at least one member who is a financial expert.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 407"},{"id":22744,"description":"N/A","references":"","tenantsId":1,"uuid":"0126500e-8163-4a86-867b-7ae8a2cb1508","family":"Title IV: Enhanced Financial Disclosures","subControls":"","weight":0,"title":"(Sec. 408) Mandates regular, systematic SEC review of periodic disclosures by issuers, including review of an issuer's financial statement.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 408"},{"id":22745,"description":"Deems a registered public accounting firm to be engaged in \"improper professional conduct\" if the SEC finds \"intentional or knowing conduct, including reckless conduct, that results in a violation of applicable professional standards.\" ","references":"","tenantsId":1,"uuid":"c26306b7-7ac8-4062-ae0e-2b9ce3bed5ce","family":"Title VI: Commission Resources and Authority","subControls":"","weight":0,"title":"(Sec. 602) Authorizes the SEC to censure persons who appear and practice before the Commission if it finds: (1) the person has engaged in unethical or improper professional conduct; or (2) has willfully violated, or willfully aided and abetted violation of securities laws.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 602"},{"id":22746,"description":"N/A ","references":"","tenantsId":1,"uuid":"60ac84d1-6998-4ab5-965f-b2e0c9d1400e","family":"Title VI: Commission Resources and Authority","subControls":"","weight":0,"title":"(Sec. 603) Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to authorize a Federal court to prohibit specified brokers, dealers, or issuers from participating in offerings of penny stock .","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 603"},{"id":22747,"description":"N/A ","references":"","tenantsId":1,"uuid":"8808f97e-6ebb-4404-8277-c9844c98b720","family":"Title VI: Commission Resources and Authority","subControls":"","weight":0,"title":"(Sec. 604) Amends the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to authorize SEC censure or restriction of associated persons of brokers and dealers who are subject to a final order of State regulatory bodies that bars them from engaging in the business of securities, banking or insurance.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 604"},{"id":22748,"description":"(1) their role in securities evaluation; (2) impediments to accurate appraisal by credit rating agencies of the resources and risks of issuers of securities; and (3) conflicts of interest in the operation of credit rating agencies and measures to prevent or ameliorate the consequences of such conflicts. ","references":"","tenantsId":1,"uuid":"cd5da807-2fdb-4934-943c-bb34d956b29e","family":"Title VII: Studies and Reports","subControls":"","weight":0,"title":"(Sec. 702) Directs the SEC to report to Congress on the role of credit rating agencies in the securities market","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 702"},{"id":22749,"description":"(1) the number of securities professionals practicing before the Commission who have aided and abetted Federal securities violations but have not been penalized as a primary violator; (2) the occurrence of multiple violations by the same party; (3) whether disciplinary sanctions have been imposed upon each violator, including censure, suspension, temporary or permanent bar to practice before the Commission; and (4) the amount of disgorgement, restitution, or other fines collected from violators. ","references":"","tenantsId":1,"uuid":"61ce1516-857e-4dbf-a9e4-33c5f964461b","family":"Title VII: Studies and Reports","subControls":"","weight":0,"title":"(Sec. 703) Sets a deadline for the SEC to report to Congress","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 703"},{"id":22750,"description":"N/A ","references":"","tenantsId":1,"uuid":"dec9ad4d-e759-4752-adeb-5cf1c1eae0bb","family":"Title VII: Studies and Reports","subControls":"","weight":0,"title":"(Sec. 704) Instructs the SEC to report to Congress on: (1) enforcement actions it has taken regarding violations of reporting requirements and restatements of financial statements; and (2) areas that are most susceptible to fraud, manipulation, or inappropriate earnings management, such as revenue recognition and the accounting treatment of off-balance sheet special purpose entities.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 704"},{"id":22751,"description":"(1) the collapse of the Enron Corporation, (including derivatives transactions, special purpose vehicles, and other financial arrangements); (2) the failure of Global Crossing, (including swaps of fiberoptic cable capacity and transactions designed to obscure the company's true financial status); and (3) the creation and marketing of transactions designed solely to manipulate revenue, obtain loans, or move liabilities off balance sheets without altering the business risks faced by the companies. ","references":"","tenantsId":1,"uuid":"d54fe957-2eb5-4fa5-a64a-ce7ed333ef6a","family":"Title VII: Studies and Reports","subControls":"","weight":0,"title":"(Sec. 705) Directs GAO to report to Congress on whether investment banks and financial advisers assisted public companies in earnings manipulation and obfuscation of financial condition","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 705"},{"id":22752,"description":"N/A ","references":"","tenantsId":1,"uuid":"f4b736b4-8aef-496c-9ab9-18715cb99e9a","family":"Title VIII: Corporate and Criminal Fraud Accountability","subControls":"","weight":0,"title":"(Sec. 802) Directs the SEC to promulgate regulations governing the retention of documents relating to an audit or review. Establishes criminal penalties for knowing and willful violation of such promulgations.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 802"},{"id":22753,"description":"N/A ","references":"","tenantsId":1,"uuid":"b2ebd325-2290-438c-8c3b-07880cd17460","family":"Title VIII: Corporate and Criminal Fraud Accountability","subControls":"","weight":0,"title":"(Sec. 803) Amends Federal bankruptcy law to make non-dischargeable in bankruptcy certain debts incurred in violation of securities fraud laws.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 803"},{"id":22754,"description":"N/A ","references":"","tenantsId":1,"uuid":"791743f4-4b8f-4066-a14c-dbc8b7433ea0","family":"Title VIII: Corporate and Criminal Fraud Accountability","subControls":"","weight":0,"title":"(Sec. 804) Amends the Federal judicial code to permit a private right of action for a securities-fraud violation to be brought not later than: (1) two years after its discovery; or (2) five years after the date of the violation, whichever is earlier.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 804"},{"id":22755,"description":"(1) activities proscribed by this Act; (2) fraud that endangers the financial security of a substantial number of victims; and (3) organizational criminal misconduct. ","references":"","tenantsId":1,"uuid":"f526ad4c-7a0b-455d-8318-71c3c49e3128","family":"Title VIII: Corporate and Criminal Fraud Accountability","subControls":"","weight":0,"title":"(Sec. 805) Directs the United States Sentencing Commission to review the Federal Sentencing Guidelines governing obstruction of justice and extensive criminal fraud to ensure that they are sufficient to deter and punish","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 805"},{"id":22756,"description":"(1) assist in an investigation of fraud or other conduct by Federal regulators, Congress, or supervisors; or (2) file or participate in a proceeding relating to fraud against shareholders.Sets a 90-day statute of limitations for filing a civil action for retaliation.Cites remedies for such aggrieved employee, including reinstatement, back pay, and compensatory damages.","references":"","tenantsId":1,"uuid":"4f00948f-615c-46d7-920c-3b8b1d0ee7f1","family":"Title VIII: Corporate and Criminal Fraud Accountability","subControls":"","weight":0,"title":"(Sec. 806) Amends Federal criminal law to prohibit a publicly traded company from retaliating against an employee because of any lawful act by the employee ","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 806"},{"id":22757,"description":"N/A","references":"","tenantsId":1,"uuid":"5e8511d1-652f-4963-9471-02898b4e70e6","family":"Title VIII: Corporate and Criminal Fraud Accountability","subControls":"","weight":0,"title":"(Sec. 807) Subjects to a fine and imprisonment any person who knowingly defrauds shareholders of publicly traded companies.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 807"},{"id":22758,"description":"N/A","references":"","tenantsId":1,"uuid":"01c9dd44-f2f6-48d3-b812-a8fced6bac18","family":"Title IX: White-Collar Crime Penalty Enhancements","subControls":"","weight":0,"title":"(Sec. 904) Amends the ERISA to increase the criminal penalties for violations of such Act.","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 904"},{"id":22759,"description":"(1) ensure that they reflect the serious nature of the offenses and penalties set forth in this Act, the growing incidence of serious fraud offenses, and the need to deter and punish such offenses; and (2) consider whether a specific offense characteristic should be added in order to provide stronger penalties for fraud committed by a corporate officer or director. ","references":"","tenantsId":1,"uuid":"3294eea9-3aec-496a-8c96-7b03ea3f48a1","family":"Title IX: White-Collar Crime Penalty Enhancements","subControls":"","weight":0,"title":"(Sec. 905) Directs the United States Sentencing Commission to review Federal Sentencing Guidelines","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Sec. 905"},{"id":22760,"description":"Establishes a criminal liability for failure of corporate officers to certify financial reports, including maximum imprisonment of: (1) ten years for certifying while knowing that the periodic report does not comport with this Act; and (2) twenty years for willfully certifying a statement knowing it does not comport with this Act. 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Prescribes guidelines for Commission consideration, including a request that it ensure that the sentencing guidelines and policy statements reflect the serious nature of securities, pension, and accounting fraud and the need for aggressive law enforcement action to prevent such offenses. Sets a deadline for promulgation of such guidelines. 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","references":"","tenantsId":1,"uuid":"b72d31da-1906-4b4f-a704-1cab39911cc1","family":"Title VIII: Corporate and Criminal Fraud Accountability ","subControls":"","weight":0,"title":"Title VIII: Corporate and Criminal Fraud Accountability ","enhancements":"","controlType":"Stand-Alone","relatedControls":"","catalogueID":95,"practiceLevel":"","assessmentPlan":"","mappings":"","controlId":"Title VIII"},{"id":22774,"description":"White-Collar Crime Penalty Enhancement Act of 2002 - Amends Federal criminal law to: (1) establish criminal penalties for attempt and conspiracy to commit criminal fraud offenses; and (2) increase criminal penalties for mail and wire fraud. 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