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Sarbanes-Oxley requires that company executives, boards of directors, and independent auditors take specific actions, including the following:

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It requires the CEO and CFO to report on the completeness and accuracy of the information contained in the reports as well as the effectiveness of underlying controls.

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It requires that each audit committee must include independent directors and the company must disclose, among other things, whether at least one member of the committee meets the specified criteria of an "audit committee financial expert".

Moreover, it establishes new responsibilities for the audit committee including the appointment and compensation of the external auditor and oversight of the auditor's work. It also establishes that the external auditor is to report directly to the audit committee.

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It expands the auditor's reporting responsibility to an attestation of the newly required management assertions on internal controls and procedures for financial reporting.

The American Competitiveness and Corporate Accountability Act of 2002, commonly known as the Sarbanes-Oxley Act, was signed into law on July 30, 2002. The law is intended to protect investors by improving the accuracy and reliability of corporate disclosures.

Sarbanes-Oxley also defines a higher level of responsibility, accountability, and financial reporting transparency - changes that are intended to return confidence to investors, as well.

http://www.coso.org/

http://www.pcaobus.org/

http://www.nyse.com/

http://www.sec.gov/

http://www.boardmember.com/