Impact of The Sarbanes-Oxley Act of 2002
The Sarbanes-Oxley Act of 2002 increased audit committees’ responsibilities and authority. It raised membership requirements and committee composition to include more independent directors. Companies were required to disclose whether or not a financial expert is on the Committee. Further, the Securities and Exchange Commission and the stock exchanges proposed new regulations and rules to strengthen audit committees.
Read more about this topic: Audit Committee
Famous quotes containing the words impact of, impact and/or act:
“Conquest is the missionary of valour, and the hard impact of military virtues beats meanness out of the world.”
—Walter Bagehot (1826–1877)
“As in political revolutions, so in paradigm choice—there is no standard higher than the assent of the relevant community. To discover how scientific revolutions are effected, we shall therefore have to examine not only the impact of nature and of logic, but also the techniques of persuasive argumentation effective within the quite special groups that constitute the community of scientists.”
—Thomas S. Kuhn (b. 1922)
“Everyman, I will go with thee, and be thy guide,
In thy most need to go by thy side.”
—Anonymous. Knowledge, in Everyman, act 1, l. 522 (c. 1509-1519)