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Does the Sarbanes Oxley Act really protect? Explain and provide an example.?
- 1 decade agoFavorite Answer
Yes. SOX makes CEO's and other public company high ranking officials PERSONALLY liable for ensuring that their reported information is accurate. And from personal experience I can tell you they take it very seriously, as some CEO's have gone to jail because of it. They must quarterly and annually sign documents attesting to the adequacy of controls over the company assets and the integrity of data recorded in their company books. These documents are filed with the SEC.
SOX is not perfect, but it does cause companies to pay a lot of attention to making sure they report accurate data.