Manufacturing Industry
ASQ Team Says QMS and EMS Standards Support SOX
Quality Progress, October, 2007 by Liebesman, Sandford
The Corporate and Criminal Fraud Accountability Act of 2002, also known as the Sarbanes-Oxley Act (SOX), increases penalties for corporate fraud and imposes greater oversight on accounting firms.1
SOX was passed in response to the accounting scandals at Enron, WorldCom, Tyco and other organizations. SOX's goal is to protect investors by improving the accuracy and reliability of corporate disclosures, including quarterly and annual financial reports.
The law's intent was to make the financial system of control more transparent and to reduce the incidence of corporate fraud. Congress expected the law to protect the interests of investors through more appropriate valuation of public company stocks.
The act established the Public Company Accounting Oversight Board...
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