Sarbanes-Oxley

EY Americas vice chair John King discusses the impact and history of one of the most influential pieces of financial legislation of the past 50 years. 

Companies can get a "reasonable" level of assurance on their internal controls.

The board's chair, Erica Williams, said the PCAOB is working on updated auditing standards and stricter enforcement and inspections.

The PCAOB is being urged to update older standards more quickly.

Two decades after passage of the Sarbanes-Oxley Act, public companies are spending more time and money trying to comply with SOX requirements, despite the increasing use of technology to automate the process.

SOX compliance risks are multitudinous and may present themselves across all aspects of the corporate financial process, including month-end reconciliation.

The record number of companies going public through special purpose acquisition companies and initial public offerings last year could be facing some extra hurdles when it comes to Sarbanes-Oxley rules.

The idea behind Sarbanes-Oxley was that public companies require an extra layer of accounting checks and internal controls that private companies do not in order to protect average investors.

Deloitte & Touche announced a strategic alliance with audit technology provider AuditBoard in conjunction with AuditBoard’s user conference this week in Los Angeles.

The COVID-19 pandemic has complicated life for Sarbanes-Oxley compliance teams, forcing accountants and auditors to work remotely.