BNET Business Dictionary
Business Definition for: Sarbanes-Oxley
- a corporate governance law which came into effect in 2005. Created in the aftermath of a raft of high-profile financial scandals, including Enron and Worldcom, Sarbanes-Oxley aims to overhaul corporate financial reporting by improving its accuracy and reliability. Accountability standards have also been considerably tightened, and chief executives are to take full responsibility for the accuracy of all financial results by signing a statement to that effect. This latter aspect effectively dismisses the so-called "aw shucks" defense strategy adopted by senior executives involved in earlier financial scandals. Under this strategy, the accused maintained that they were simply not aware of the distortion of financial reporting that took place on their watch.
Additional Resources
- Sarbanes to end Senate career
- Paul Sarbanes, D-Md., ranking member of the Senate Banking Committee, has announced that he will not seek reelection in 2006. Sarbanes, 72, was elected to the Senate in 1976.Paul Sarbanes, D-Md., ranking member of the Senate Banking Committee, has announced that he will not seek reelection in 2006. Sarbanes, 72,...
- Research articles 2005-04-01
- Senator sarbanes tries to "steady on," but bows to official orders. (CAPITOL HILL).(Brief Article)
- Senate Banking Committee Chairman Paul Sarbanes (D.-Md.) can be a very determined man, and he was in top form the day the terrorists attacked the Pentagon. The morning of Sept. 11, Sarbanes had called for a hearing regarding the Superior Federal thrift failure. He...
- Research articles 2001-10-01
- Former SEC Official Launches RestoreTheTrust.com to Support Sarbanes Accounting Reform Bill; Investors Call for Truth in Reporting
- WASHINGTON, July 1 /U.S. Newswire/ -- Exactly one week before the Senate will debate accounting reform legislation by Senator Paul Sarbanes (D-Md.), a former Securities and Exchange Commission official, Nancy M. Smith, today announced the launch of a new WASHINGTON, July 1 /U.S. Newswire/ -- Exactly one week before the...
- Research articles 2002-07-01
- Conference Call: Sarbanes questions need for a fund SRO.(News)
- Byline: Sara Hansard There is no pressing need to look at setting up a self-regulatory organization for mutual funds, Sen. Paul Sarbanes, D-Md., said last week. Speaking at the annual public-policy conference sponsored by the ...
- Research articles 2004-04-26
- Sarbanes and Boehlert: two fire service champions retiring from Congress; Both Men pushed legislation to help first responders and families.(FIRE POLITICS)
- Two of the fire-rescue service's strongest champions will retire from Congress at the end of this session. Senator Paul S. Sarbanes, a Democrat from Maryland, is stepping down at age 73 after serving 30 years in the Senate; Congressman Sherwood L. Bo Two of the fire-rescue...
- Research articles 2006-10-01
- MD's Senator Sarbanes wrote his legacy in financial rules
- As he stood at a podium Friday afternoon and announced his intention not to seek re-election to the U.S. Senate in 2006, Sen. Paul S. Sarbanes, D-Md., was asked what accomplishments he was most proud of in his career. He offered the assembled press and supporters a pair...
- Research articles 2005-03-14
- Long-Time CU Friend Sarbanes To Step Down
- Sen. Paul Sarbanes, the ranking Democrat on the Senate Banking Committee and the self-styled conscience of credit unions, announced he won't seek reelection in 2006 when his fifth term expires. The Maryland Democrat, rated as one of the Senate's most liberal members, made his mark on the credit union...
- Research articles 2005-03-21
- Appraisal groups hail Sarbanes and Miller efforts
- THE APPRAISAL INSTITUTE, THE AMERICAN Society of Appraisers and the National Association of Realtors Appraisal Section have applauded the efforts of Sen. Paul S. Sarbanes (D-Maryland) and Sen. Zell Miller (D-Georgia) for their initiative to investigate mortgage and real estate consumer fraud. In a June letter, the groups hailed Sarbanes...
- Research articles 2002-07-01
- U.S. Multinationals Look to Technology for Improvements in Future Sarbanes 404 Efforts
- Nearly half of senior executives say their company made only satisfactory use of technology in support of its initial Sarbanes Section 404 compliance efforts. But major reinforcements are on their way for year-two. The article outlines that three in four U.S. multinationals will be making significant technology changes, directed almost...
- White papers 2005-10-06
- Businesses, NGOs Salute Senators Sarbanes, Hagel for Leadership on the U.S. International Affairs Budget ; U.S. Global Leadership Campaign Honors Congressional Champions for Commitment to America's Diplomatic and Development Programs
- To: National DeskContact: Myllisa Lardieri Kennedy of the U.S. Global Leadership Campaign, 202-730-4157 or mkennedy@usglc.orgWASHINGTON, Dec. 13 /U.S. Newswire/ -- Tonight, Senators Paul S. Sarbanes and Chuck Hagel will be honored by the U.S. Global Leadership Campaign USGLC for their dedication and steadfast commitment to American global engagement and the...
- Research articles 2006-12-13
- Sarbanes Reviews Senate Democratic Agenda.
- Senator Paul Sarbanes (D-Md.) warned delegates at the Congressional City Conference last week that though the economy is good, they must remember that the large surplus projections are just that--projections for the future. He told city leaders that the surplus should be used as President Clinton...
- Research articles 1999-03-15
- U.S. Senate Sees First Privacy Bill.(Brief Article)
- Sen. Paul Sarbanes, D-Md., fired the first shot of what could be a major battle in the 107th Congress over financial privacy. Sen. Sarbanes introduced S. 30, called the Financial Information Privacy Protection Act, and promised to make it one of hi Sen. Paul...
- Research articles 2001-01-29
- Clearing a hurdle in a 3-horse race. (Editorial).
- The effort to reform the accounting industry is now officially a three-horse race. The Senate Banking Committee last week, to the surprise of almost everyone, passed a bill sponsored by Sen. Paul Sarbanes, D-Md., that would go a long way towa...
- Research articles 2002-06-24
- Vision care.(Senate Health, Education, Labor and Pensions Committee)(Brief Article)
- * Vision Care: With uninsured families hard-pressed to afford eye doctor visits or glasses for their children, Sen. Paul Sarbanes (D-Md.) has proposed a bill to provide at least $75 million a year for vision care for young children. Thirty states scr * Vision Care: With...
- Research articles 2004-08-30
- GAO issues report on financial statement restatements
- In response to a request from Senator Sarbanes, the General Accounting Office has issued a report entitled, Financial Statement Restatements: Trends, Market Impact, Regulatory Responses and Remaining Challenges. In response to a request from Senator Sarbanes, the General Accounting Office has issued a report entitled, Financial Statement Restatements: Trends, Market...
- Research articles 2002-12-01
- Comptroller Nomination On Hold In Senate.
- An unexpected move by Senator Paul S. Sarbanes, D-Md., to put a hold on the nomination of Treasury Under Secretary John D. Hawke, Jr. to he comptroller of the currency has sparked intense interest among insurance industry representatives. The acti An unexpected move...
- Research articles 1998-11-02
- Congress acts; Corporate reform.(A bill passes on corporate reform)(Brief Article)
- Sarbanes gets his way Sarbanes gets his way
- Research articles 2002-07-27
- Senate bill echoes a LaFalce proposal. (At the Bell).
- * Rep. John LaFalce, D-N.Y., ranking minority member on the House Financial Services Committee, Thursday heralded a draft proposal by Paul Sarbanes, the Maryland Democrat who is chairman of the Senate Banking Committee. The proposal closely tracks * Rep. John LaFalce, D-N.Y., ranking...
- Research articles 2002-05-13
- Safe bets in Maryland and Virginia. (Senate elections)
- Sometime on the night of November 8th, America's television commentators will announce that Mr Paul Sarbanes has been re-elected to the Senate will be the new junior senator from Virginia. These are not bold predictions. Barring acts of God, both men Sometime on the night of...
- Research articles 1988-09-10
- Letters.(Letter to the Editor)
- Sarbanes hasn't slowed Deloitte Editor: The article titled "Merging Right'' in the Feb. 28 issue painted a misleading picture as it applies to Deloitte & Touche. The article states that all Big Four firms (PricewaterhouseCoopers L.L.P. Sarbanes hasn't slowed Deloitte...
- Research articles 2005-03-21
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