In the post-Andersen and post-Enron era, the unending stories of corporate malfeasance that have rocked the boardrooms of North America are equally matched by volumes of governance recommendations ushered in by the Sarbanes-Oxley Act (SOX) of 2002.
Most companies subject to the Act’s requirements have been busy with the implementation of first year certification and the compliance requirements of Section 302 (Corporate Responsibility for Disclosure Controls) and Section 404 (Management Assessment of Internal Controls). While the Act primarily affects public companies with a market capitalization greater than $75 million listed on U.S. exchanges, many smaller and private companies are also pursuing SOX compliance.
