Sarbanes Oxley Compliance Professionals Association (SOXCPA)
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Welcome to the Sarbanes Oxley Compliance Professionals Association
the largest Association of Sarbanes Oxley professionals in the world
 
Dear Risk and Compliance Management Professional,
 
Signed into law on July 30, 2002, the Sarbanes-Oxley Act raised the bar for risk management, corporate governance, internal controls, risk awareness and training, disclosure and auditing requirements for public companies.
 
SOX ended more than 100 years of self-regulation and established the independent oversight of public company audits by the Public Company Accounting Oversight Board (PCAOB). 
 
SOX was designed to restore public confidence in financial reporting with more transparent financial practices, and hold management criminally liable for violations and non-compliance.
 
Voluntary compliance with the Sarbanes-Oxley Act is evidence that SOX was trusted, and it restored confidence. The risk to not-for-profit organizations of a damaged reputation has probably never been as great as it is today. They understand that many of their problems could have been avoided by more effective risk management and more transparent reporting. These not-for-profit organizations have no obligation to comply with SOX, but they do it. They report that SOX compliance is extremely beneficial to them.
 
After the Sarbanes-Oxley Act, management really cares about risks and controls, and this is a major achievement.
 
SOX has its critics too. Some of them believe that SOX went too far, stating that the legislation is overly complex and reduces the U.S.’s international competitive edge against foreign firms.
 
Others believe that SOX didn't go far enough. As in the implosion of Lehman Brothers, the fall of Bernard Madoff and other cases in recent years, many asked: Did SOX go far enough?
 
In response to the recent crisis, U.S. lawmakers passed the Dodd-Frank Act that amended certain sections of the Sarbanes Oxley Act. SOX is part of the new regulatory reform. Lawmakers did not make the Sarbanes Oxley provisions weaker, they have made them more strict and clever.

For example, whistleblowers now have a monetary incentive to report matters to the SEC (they may be entitled to as much as 10 percent to 30 percent of the monetary sanctions imposed).
 
Management should clearly explain to all employees the importance of prompt reporting of violations.
 
Public companies should do much more for complaints submitted to audit committees or employee hotlines to address areas of potential concern.

The Dodd-Frank Act also provides an employee with remedies against the employer that has violated the whistleblower provisions of the Dodd-Frank Act.
 
These remedies include reinstatement with the same seniority status that the individual would have had, two times the amount of back pay otherwise owed to the individual, with interest, and even compensation for litigation costs, expert witness fees, and reasonable attorneys’ fees.

Does it look like the end of Sarbanes Oxley? No, it is Sarbanes Oxley on steroids.
 
We have some good news for you.
 
Risk and Compliance Management has become much more important, after the recent crisis.
 
Sarbanes Oxley knowledge is really valuable for organizations. You understand risks, controls, policies, procedures, accountability, testing, documentation, preparation for audits. You have what investors need to trust companies. 
 
The Sarbanes Oxley Compliance Professionals Association (SOXCPA) is the largest association of Sarbanes Oxley professionals in the world.
 
Join us.
 
Stay current. Read our monthly newsletter with news, alerts, challenges and opportunities.
 
Get certified. Provide independent evidence that you are an expert.
 
Best Regards,
 
 
George Lekatis
President of the Sarbanes Oxley Compliance Professionals Association (SOXCPA)
General Manager, Compliance LLC
1200 G Street NW Suite 800,
Washington DC 20005, USA
Tel: (202) 449-9750
Email:
lekatis@sarbanes-oxley-association.com
Web: www.sarbanes-oxley-association.com
HQ: 1220 N. Market Street Suite 804,
Wilmington DE 19801, USA
Tel: (302) 342-8828
 

 
Every Monday
Top 10 risk and compliance management related news stories and world events

 
Do you want to receive every Monday the
Top 10 risk and compliance management related news stories and world events that (for better or for worse) shaped the week's agenda, and what is next?
 
You may submit the form that follows. We meet strict national and international privacy standards. You can unsubscribe at any time.
 
 
 

 
 
Our proposal:
 
1. Become a member of the Sarbanes Oxley Compliance Professionals Association (SOXCPA)
The global marketplace is an intensely competitive environment where specialized knowledge is a matter of survival. You have to develop a personal competitive advantage.
 
4 reasons to join
 
1. The SOXCPA is the largest association of Sarbanes Oxley Compliance Professionals in the world.

2. Membership is free. You can leave any time. We meet international standards in privacy.

3. You will receive (at no cost) a monthly newsletter, so you will learn about Sarbanes Oxley related developments and opportunities every month.

4. We offer a distance learning and online certification program at a cost that is unheard of. 
 
 

 
2. Become a premium or lifetime member of the Sarbanes Oxley Compliance Professionals Association (SOXCPA). There are unique benefits.
 
To learn more:
www.sarbanes-oxley-association.com/Premium_Members.htm
 

 
3. Become a Certified Sarbanes Oxley Expert
Provide independent evidence that you are a Sarbanes Oxley Expert
 
The all-inclusive cost: $147
What is included in this price:
 
A. The official presentations we use in our instructor-led classes
 
The presentations include COSO 2013 and the Auditing Standards that apply to Sarbanes Oxley audits.
 
Course Synopsis:
www.sarbanes-oxley-association.com/CSOE_Course_Synopsis.htm
 
B. Up to 3 Online Exams.
 
There is only one exam you need to pass, in order to become a CSOE.
If you fail, you must study again the official presentations, but you do not need to spend money to try again. Up to 3 exams are included in the price.
 
C. Personalized Certificate printed in full color.
 
Processing, printing, packing and posting to your office or home.
 
To find more you may visit our Distance Learning and Certification pages:
www.sarbanes-oxley-association.com/Distance_Learning_and_Certification.htm
 
 

 

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Receive the New Member Orientation Newsletters - Understand Sarbanes Oxley
You will have the opportunity to learn what members registered before you have already learned. Understand better the Sarbanes Oxley environment, projects, careers, challenges and opportunities.
 
 
 

 
 

 
Amazing: The average salary and the demand for Sarbanes-Oxley related skills, even far from the United States: In London.
 


(From: http://www.itjobswatch.co.uk/jobs/uk/sarbanes-oxley.do)


THE SARBANES OXLEY ACT OF 2002


One Hundred Seventh Congress of the United States of America
AT THE SECOND SESSION


Begun and held at the City of Washington on Wednesday, the twenty-third day of January, two thousand and two.

An Act
To protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) SHORT TITLE.—This Act may be cited as the ‘‘Sarbanes-Oxley Act of 2002’’.

(b) TABLE OF CONTENTS.—The table of contents for this Act is as follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Commission rules and enforcement.

TITLE I—PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD
Sec. 101. Establishment; administrative provisions.
Sec. 102. Registration with the Board.
Sec. 103. Auditing, quality control, and independence standards and rules.
Sec. 104. Inspections of registered public accounting firms.
Sec. 105. Investigations and disciplinary proceedings.
Sec. 106. Foreign public accounting firms.
Sec. 107. Commission oversight of the Board.
Sec. 108. Accounting standards.
Sec. 109. Funding.

TITLE II—AUDITOR INDEPENDENCE
Sec. 201. Services outside the scope of practice of auditors.
Sec. 202. Preapproval requirements.
Sec. 203. Audit partner rotation.
Sec. 204. Auditor reports to audit committees.
Sec. 205. Conforming amendments.
Sec. 206. Conflicts of interest.
Sec. 207. Study of mandatory rotation of registered public accounting firms.
Sec. 208. Commission authority.
Sec. 209. Considerations by appropriate State regulatory authorities.

TITLE III—CORPORATE RESPONSIBILITY
Sec. 301. Public company audit committees.
Sec. 302. Corporate responsibility for financial reports.
Sec. 303. Improper influence on conduct of audits.
Sec. 304. Forfeiture of certain bonuses and profits.
Sec. 305. Officer and director bars and penalties.
Sec. 306. Insider trades during pension fund blackout periods.
Sec. 307. Rules of professional responsibility for attorneys.
Sec. 308. Fair funds for investors.

TITLE IV—ENHANCED FINANCIAL DISCLOSURES
Sec. 401. Disclosures in periodic reports.
Sec. 402. Enhanced conflict of interest provisions.
Sec. 403. Disclosures of transactions involving management and principal stockholders.
Sec. 404. Management assessment of internal controls.
Sec. 405. Exemption.
Sec. 406. Code of ethics for senior financial officers.
Sec. 407. Disclosure of audit committee financial expert.
Sec. 408. Enhanced review of periodic disclosures by issuers.
Sec. 409. Real time issuer disclosures.

TITLE V—ANALYST CONFLICTS OF INTEREST
Sec. 501. Treatment of securities analysts by registered securities associations and national securities exchanges.

TITLE VI—COMMISSION RESOURCES AND AUTHORITY
Sec. 601. Authorization of appropriations.
Sec. 602. Appearance and practice before the Commission.
Sec. 603. Federal court authority to impose penny stock bars.
Sec. 604. Qualifications of associated persons of brokers and dealers.

TITLE VII—STUDIES AND REPORTS
Sec. 701. GAO study and report regarding consolidation of public accounting firms.
Sec. 702. Commission study and report regarding credit rating agencies.
Sec. 703. Study and report on violators and violations
Sec. 704. Study of enforcement actions.
Sec. 705. Study of investment banks.

TITLE VIII—CORPORATE AND CRIMINAL FRAUD ACCOUNTABILITY
Sec. 801. Short title.
Sec. 802. Criminal penalties for altering documents.
Sec. 803. Debts nondischargeable if incurred in violation of securities fraud laws.
Sec. 804. Statute of limitations for securities fraud.
Sec. 805. Review of Federal Sentencing Guidelines for obstruction of justice and extensive criminal fraud.
Sec. 806. Protection for employees of publicly traded companies who provide evidence of fraud.
Sec. 807. Criminal penalties for defrauding shareholders of publicly traded companies.

TITLE IX—WHITE-COLLAR CRIME PENALTY ENHANCEMENTS
Sec. 901. Short title.
Sec. 902. Attempts and conspiracies to commit criminal fraud offenses.
Sec. 903. Criminal penalties for mail and wire fraud.
Sec. 904. Criminal penalties for violations of the Employee Retirement Income Security Act of 1974.
Sec. 905. Amendment to sentencing guidelines relating to certain white-collar offenses.
Sec. 906. Corporate responsibility for financial reports.

TITLE X—CORPORATE TAX RETURNS
Sec. 1001. Sense of the Senate regarding the signing of corporate tax returns by chief executive officers.

TITLE XI—CORPORATE FRAUD AND ACCOUNTABILITY
Sec. 1101. Short title.
Sec. 1102. Tampering with a record or otherwise impeding an official proceeding.
Sec. 1103. Temporary freeze authority for the Securities and Exchange Commission.
Sec. 1104. Amendment to the Federal Sentencing Guidelines.
Sec. 1105. Authority of the Commission to prohibit persons from serving as officers or directors.
Sec. 1106. Increased criminal penalties under Securities Exchange Act of 1934.
Sec. 1107. Retaliation against informants.


     
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