| Sarbanes-Oxley act compliance can be somewhat confusing. To help you understand Sarbanes-Oxley and business a little better, you need to understand a little history about it. The U.S. federal Sarbanes-Oxley Act was created to protect investors by improving the accuracy and reliability of corporate disclosures. The act covers issues such as establishing a public company accounting oversight board, auditor independence, corporate responsibility and enhanced financial disclosure. It is officially called the Public Company Accounting Reform and Investor Protection Act of 2002 and commonly called SOX or SarbOx and was signed into law on July 30, 2002 by President George W. Bush. It was designed to review the dated legislative audit requirements, and is considered the most significant change to United States securities laws since the New Deal in the 1930's.
Sarbanes-Oxley and businesses work together to increase the overall integrity and ethics in business. The act came in the wake of a series of corporate financial scandals, including those affecting Enron, Tyco International, and WorldCom (now MCI ). The law is named after sponsors Senator Paul Sarbanes (D-MD) and Representative Michael G. Oxley (R-OH). It was approved by the House by a vote of 423-3 and by the Senate 99-0.
So, how does this affect your business? Part of Sarbanes-Oxley compliance includes ethics training. Sarbanes-Oxley seminars and Sarbanes-Oxley training has become a huge part of this. As of November 1, 2004, Federal Sentencing Guidelines require compliance and Sarbanes Oxley training for ALL employees. Although you don't have to provide specific kinds of Sarbanes-Oxley ethics training, Sarbanes-Oxley seminars should include a thorough coverage of your ethics and compliance policies. Amendments to the Federal Sentencing Guidelines were proposed which require all organizations to periodically provide Sarbanes-Oxley compliance and ethics training to all employees. As of November 1, 2004 these amendments are now law. Having a code of ethics is a very important part of this Act.
Every company, both big or small, should take note of the new Federal Sentencing Guidelines which require Sarbanes-Oxley training. Ethics for a Modern Workforce and help you stay in compliance. Sarbanes-Oxley seminars are easy, economical, and has a positive impact on employees. Global Ethics University can your Sarbanes-Oxley compliance portal and provide necessary Sarbanes-Oxley seminars. Take every precaution possible to abide by the new Federal Sentencing Guidelines and don't wait until a crisis occurs before you do something. Compliance portal Sarbanes-Oxley is a necessary element in providing the right kind of training.
While the Sarbanes-Oxley Act covers only publicly traded companies, the Federal Sentencing Guidelines apply to all organizations both publicly and privately held. Simply providing employees an ethics policy or code of conduct is not enough or just distributing a code of ethics or code of conduct for employees is not enough. Effective Sarbanes-Oxley compliance ethics training is required. Compliance and ethics programs must not simply be on paper, but they must be communicated to and used by employees.
Sarbanes-Oxley training must be provided to employees periodically. Organizations must do more than a one-time training to employees. Sarbanes-Oxley seminars must be provided periodically. An ethics and compliance program can reduce punishments. Sarbanes-Oxley ethics allows organizations that show that they have instituted an effective ethics and compliance training program can greatly reduce fines and other punishment. The opposite it also true, the absence of a compliance and ethics training pro gram may increase punishment to an organization.
Don't take a chance or settle for less. Let Global Ethics University be your Sarbanes-Oxley compliance ethics training partner today! |
