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The complete guide to Sarbanes- Oxley

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As the Sarbanes-Oxley Act approaches age five, it’s appropriate to look back at how the act has affected American businesses and also to look forward to assess future trends. After all, the Sarbanes-Oxley Act had the biggest impact on American business of any federal securities legislation since the New Deal. Understanding how Sarbanes-Oxley works and the demands it makes on corporations is especially critical for directors and managers of smaller public corporations. Until recently, the smallest public corporations have been partially insulated from the full costs of complying with the act by rules of the Securities and Exchange Commission (the SEC, sometimes referred to as “the Commission”) that defer full application of SOX to such firms. The SEC has announced, however, that this limited regulatory relief will be coming to an end within the next two years.

Description

Managers and directors of small public corporations thus now face the same questions SOX has long posed for the largest companies:

How do they comply with SOX?
How does SOX affect relations within the firm?

Should the company go private in order to avoid the need to comply with SOX?
A practical guide to SOX basics thus could not be more timely.

This is not a book aimed at lawyers and accountants.

This book was written with four audiences in mind:
Directors and managers of large public corporations, whose firms have been required to fully comply with SOX from the outset. If you’re one of these directors and/or managers, this book provides you with a five-year update on how SOX has been implemented and some advice to help you with your ongoing compliance efforts.
Directors and managers of small public corporations, whose firms are only now being required to fully comply with SOX. What should you expect during the first year the law applies to you? Should you really consider going dark and avoiding the need for SOX compliance altogether?

Directors and managers of closely held corporations who are considering taking their companies public. What additional obligations will SOX impose on you following an initial public offering (IPO), and what costs are you likely to face? How can those costs be minimized?

Directors and managers of larger closely held corporations and nonprofit entities, whose corporations are not obliged to comply with SOX but choose to voluntarily comply. In such situations, how can you adapt to SOX in a way that fits your needs?

Read the book to know the correct answers.