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[JR] Query re: Sarbanes-Oxley Act

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  • Vernon K. Jacobs
    QUESTION: I thoroughly searched the archives of this group and found nothing on the Sarbanes-Oxley Act of 2002. I would think the global reaches of this act
    Message 1 of 1 , Aug 3, 2004
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      QUESTION: I thoroughly searched the archives of this group and
      found nothing on the Sarbanes-Oxley Act of 2002. I would think the
      global reaches of this act would have been significant enough to
      discuss in this forum. Esp. for those of us running controlled foreign
      corporations (CFCs).

      What are the key components we must stay aware of during our
      transaction accounting? In what ways does it impact e-commerce?


      REPLY: My initial reading about the Sarbanes-Oxley Act led me to
      conclude that it only affected (1) officers and directors of publicly
      held companies that file financial statements with the SEC and (2)
      their auditors. Its focus is on the obligations of the officers and
      directors with respect to their oversight of the financial statements
      of the company. It also prohibits auditors from providing various
      consulting services to the corporation that may be in conflict wtih
      their duties as financial statement auditors. The fact that a person
      is in charge of a CFC does not necessarily make them liable under this
      act -- unless the CFC is part of a publicly held corporation or is
      itself a publicly held corporation that files financial statements
      with the SEC.

      Vern Jacobs
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