Sarbanes Oxley

Overview
The series of corporate financial scandals that took place in the United States has led to the framing of new legislation called Sarbanes-Oxley Act that strengthens corporate governance and restores investor confidence and eliminates corporate corruption and fraud.

The law was intended to bolster public confidence in the nation's capital markets and imposes new duties and significant penalties for non compliance on public companies and their executives, directors, auditors, attorneys and securities analysts.

After completing this course you will be conversant with:

Accountability standards for Corporate Boards, Audit Committees and for External Auditors
Criminal penalties prescribed for misconduct by the Corporate Officials and violations of the Securities Exchange Act of 1934
Establishment of Public Company Accounting Oversight Board under the Securities and Exchange Commission to oversee public accounting firms and issue accounting standards
Certification of financial reports by Chief Executive Officers and Chief Financial Officers
Requirements that publicly traded companies furnish independent annual audit reports on the existence and condition of internal controls as they relate to financial reporting
Enhanced financial disclosures
Requirements for stringent internal controls both for general governance as well as Information Technology (IT) systems

Target Audience
Every professional involved in the global financial services industry (as a provider, user, regulator or advisor of product/services, marketplace/exchange) would benefit from KESDEE’s innovative solutions.

Sarbanes-Oxley Act
Time taken to complete each Course: One - Two hours

1. Overview of Sarbanes-Oxley Act

Sarbanes Oxley and Information Technology

Definitions under Sarbanes-Oxley Act

Auditor Independence

Corporate Responsibility

Enhanced Financial Disclosures

White-Collar Crime Penalty Enhancements

Corporate Fraud Accountability

2. Public Company Accounting Oversight Board

Establishment of Public Company Accounting Oversight Board

Commission oversight of the Board

Accounting Standards

3. Auditor Independence

Auditor Independence

Preapproval Requirements by the Audit Committee

Reports to Audit Committee

Conflicts of Interest

4. Corporate Responsibility

Public Company Audit Committees

Corporate Responsibility for Financial Reports

Implications of Sarbanes Oxley Act on the Information Technology

Forfeiture of Certain Bonuses and Profits

Insider Trades During Pension Fund Blackout Periods

Rules of Professional Responsibility for Attorneys

5. Enhanced Financial Disclosures

Disclosures in Periodic Reports

Disclosures of Transactions Involving Management and Principal Stockholders

Management Assessment of Internal Controls

Code of Ethics for Senior Financial Officers

Enhanced Review of Periodic Disclosures by Issuers

6. Analyst Conflicts of Interest

Treatment of Securities Analysts by Registered securities Associations

7. Commission Resources and Authority

Authorization of Appropriations

Appearance and Practice Before the Commission

Federal Court Authority to Impose Penny Stock Bars

8. Studies and Reports

GAO Study and Report Regarding Consolidation of Public Accounting Firms

Study and Report by Commission Regarding Credit Rating Agencies

Study of Investment Banks

9. Corporate and Criminal Fraud Accountability

Destruction, alteration, or falsification of records in Federal investigations and bankruptcy

Destruction of corporate audit records

Review of Federal Sentencing Guidelines for Obstruction of justice and extensive criminal fraud

Protection for Employees of Publicly Traded Companies Providing Evidence of Fraud

Criminal Penalties for Defrauding Shareholders of Publicly Traded Companies

10. White-Collar Crime Penalty Enhancements

Attempts and Conspiracies to Commit Criminal Fraud Offenses

Penalties for Mail and Wire Fraud

Penalties for Employee Retirement Income Security Act of 1974 Violations

Corporate Responsibility for Financial Reports

11. Corporate Tax Returns

Sense of Senate Regarding signing of Corporate Tax Returns by Chief Executive Officers

12. Corporate Fraud and Accountability

Tampering a Record or Impeding an Official Proceeding

Prohibition of Persons from Serving as Officers and Directors

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Sarbanes Oxley Act

The themes of this product are: