Objectives

Introduction

Sarbanes-Oxley Act

Sarbanes Oxley and Information Technology

Definitions under Sarbanes-Oxley Act

Auditor Independence

Corporate Responsibility

Enhanced Financial Disclosures

White-Collar Crime Penalty Enhancements

Corporate Fraud Accountability

Objectives

Introduction

Establishment of Public Company Accounting Oversight Board

Powers of the Board

Commission oversight of the Board

Accounting Standards

Objectives

Introduction

Auditor Independence

Preapproval Requirements by the Audit Committee

Reports to Audit Committee

Conflicts of Interest

Objectives

Introduction

Public Company Audit Committees

Corporate Responsibility for Financial Reports

Implications of Sarbanes Oxley Act on the Information Technology

Forfeiture of Certain Bonuses and Profits

Insider Trades During Pension Fund Blackout Periods

Rules of Professional Responsibility for Attorneys

Objectives

Introduction

Disclosures in Periodic Reports

Disclosures of Transactions Involving Management and Principal Stockholders

Management Assessment of Internal Controls

Code of Ethics for Senior Financial Officers

Enhanced Review of Periodic Disclosures by Issuers

Objectives

Introduction

Treatment of Securities Analysts by Registered securities Associations

Disclosure

Objectives

Introduction

Authorization of Appropriations

Appearance and Practice Before the Commission

Federal Court Authority to Impose Penny Stock Bars

Objectives

Introduction

GAO Study and Report Regarding Consolidation of Public Accounting Firms

Study and Report by Commission Regarding Credit Rating Agencies

Study of Investment Banks

Objectives

Introduction

Destruction, alteration, or falsification of records in Federal investigations and bankruptcy

Destruction of corporate audit records

Review of Federal Sentencing Guidelines for Obstruction of justice and extensive criminal fraud

Protection for Employees of Publicly Traded Companies Providing Evidence of Fraud

Criminal Penalties for Defrauding Shareholders of Publicly Traded Companies

Objectives

Introduction

Attempts and Conspiracies to Commit Criminal Fraud Offenses

Penalties for Mail and Wire Fraud

Penalties for Employee Retirement Income Security Act of 1974 Violations

Corporate Responsibility for Financial Reports

Objectives

Introduction

Sense of Senate Regarding signing of Corporate Tax Returns by Chief Executive Officers

Objectives

Introduction

Tampering a Record or Impeding an Official Proceeding

Prohibition of Persons from Serving as Officers and Directors