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Sarbanes-Oxley Act of 2002

U.S. law of 30 July 2002 (Public Law 107-204) that created the PCAOB, made audit committees responsible for hiring auditors and limited the other work auditors may do for audit clients.

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Dates
30 Jul 2002
Wikidata
Q856418

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Timeline 2 dates
  1. 30 Jul 2002 Sarbanes-Oxley Act of 2002
  2. 30 Jul 2002 U.S. Congress signed into law Sarbanes-Oxley Act of 2002
Proof 3 sources
  1. Sarbanes-Oxley Act of 2002, Public Law 107-204, U.S. Congress, 30 Jul 2002. Primary record
    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled
    shall be directly responsible for the appointment, compensation, and oversight of the work of any registered public accounting firm employed by that issuer
    and each such registered public accounting firm shall report directly to the audit committee
    There is established the Public Company Accounting Oversight Board, to oversee the audit of public companies that are subject to the securities laws, and related matters, in order to protect the interests of investors
    The Board shall conduct a continuing program of inspections to assess the degree of compliance of each registered public accounting firm and associated persons of that firm
    to provide to that issuer, contemporaneously with the audit, any non-audit service
  2. Audits of Public Companies: Continued Concentration in Audit Market for Large Public Companies Does Not Call for Immediate Action (GAO-08-163), U.S. Government Accountability Office, 9 Jan 2008. Primary record Archived copy
    Federal securities laws require that a company raising capital by issuing securities to the public have an independent public accountant perform an audit of the company’s financial statements to provide reasonable assurance about whether the financial statements are fairly presented.
    In the aftermath of various financial scandals at large public companies such as Enron and WorldCom in the early 2000s, new legislation was passed to help restore investor
    Although current concentration does not appear to be having a significant adverse effect, the loss of another large firm would further reduce large companies’ auditor choice and could affect audit fee competitiveness.
  3. Public Accounting Firms: Mandated Study on Consolidation and Competition (GAO-03-864), U.S. Government Accountability Office, 30 Jul 2003. Primary record Archived copy
    As a result, Congress mandated in the Sarbanes-Oxley Act of 2002 that we study these issues.
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