Sarbanes-Oxley Act – n : a business reform act signed to
law on July 30, 2002. The Act mandated a number of reforms to enhance corporate
responsibility, enhance financial disclosures and combat corporate and
accounting fraud, and created the "Public Company Accounting Oversight
Board," also known as the PCAOB, to oversee the activities of the auditing
profession. The full text of the Act is available at: http://www.law.uc.edu/CCL/SOact/soact.pdf.
The Act has many implications for
private businesses.
You should consult your attorney about how the Act will effect your business. ------------------------------------------------------------
Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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