|
JMG understands the needs of small business so we offer you the following services:
|
|
 |
| Accountants + Consultants |
|
Johnson Management Group, Inc.
4900 Hopyard Road #100
Pleasanton, CA 94588
925-353-7053 | phone
888-251-8641 | fax
info@jmg-cpa.com
|
|
|
Sarbanes Oxley Testing and Compliance
The Sarbanes-Oxley Act of 2002
This Act is also known as the Public Company Accounting Reform and Investor Protection Act of 2002 and commonly called SOX is a United States federal law passed in response to a number of major corporate and accounting scandals involving prominent companies in the United States. The legislation is wide ranging and establishes new or enhanced standards for all US public company Boards, Management, and public accounting firms. The Act contains 11 titles, or sections, ranging from additional Corporate Board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the new law. The first and most important part of the Act establishes a new quasi-public agency, the Public Company Accounting Oversight Board, which is charged with overseeing, regulating, inspecting, and disciplining accounting firms in their roles as auditors of public companies. The Act also covers issues such as auditor independence, corporate governance and enhanced financial disclosure.
Provisions
The Sarbanes-Oxley Act's major provisions include:
- A requirement that public companies evaluate and disclose the effectiveness of their internal controls as they relate to financial reporting, and that independent auditors for such companies "attest" (i.e., agree, or qualify) to such disclosure
- Certification of financial reports by chief executive officers and chief financial officers
- Auditor independence, including outright bans on certain types of work for audit clients and pre-certification by the company's Audit Committee of all other non-audit work
- A requirement that companies listed on stock exchanges have fully independent audit committees that oversee the relationship between the company and its auditor
- Ban on most personal loans to any executive officer or director
- Accelerated reporting of trades by insiders
- Prohibition on insider trades during pension fund blackout periods
- Additional disclosure
- Enhanced criminal and civil penalties for violations of securities law
- Significantly longer maximum jail sentences and larger fines for corporate executives who knowingly and willfully misstate financial statements
What we can offer:
- Monthly or quarterly testing of your internal controls to ensure compliance to company policies.
- Issuance of Deficiency reports and suggestions with remediation.
- Write up of narratives and company policies for your different cycles.
To get started or inquire about our rates please complete the information below and one of us will contact you within one hour of receiving your request.
Business Services
|
