Ashwini Kumar

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The passage of the Sarbanes-Oxley Act of 2002 (SOX) marks a new era of accountability for corporate officers. Signed into law by President Bush in response to corporate accounting scandals, it is a major concern and top priority for the CEOs, CFOs, boards of directors, and audit committees of public companies, as well as for auditors, accountants, attorneys and regulatory governing bodies. Starting in 2004 (2005 for smaller companies), the financial reports of publicly traded companies in the United States must begin to comply with the financial disclosure requirements of this Act. One of the major areas of concern is Section 404, Management Assessment Of Internal Controls, which requires companies to include in their annual report "an internal control report, which shall: (1) State the responsibility of management for establishing and maintaining an adequate interna... (more)