IMPLICATIONS OF AND COMPLIANCE TO SARBANES-OXLEY AND OTHER DATA INTEGRITY ACTS

摘要

Publicly owned organizations are now subject to a plethora of new laws related to financial reporting integrity, medical records privacy, anticorruption and stringent governance rules. This is a result of the flurry of violations and notable cases of corporate corruption and management fraud, such as Enron, MCI, Tyco, etc. Of particular significance to responsible senior executives and public enterprises is the Sarbanes-Oxley Act (SOA). SOA is directed toward enterprises and senior executives. SOA makes them fully accountable for any improper reporting of financial information. Considering its content and broad implications, the Sarbanes-Oxley Act, is probably the most important legislation directed to corporate governance, financial disclosure and the practice of public accounting since the well established US securities laws of the early 1930s. SOA is mainly an internal control and governance issue. This issue of COM-SAC focuses on the impli-cations of SOA and the strategy and approach to develop a detailed plan of action to comply with this important piece of corporate governance legislation that impacts all public companies.