Write down the set of regulations passed by congress in 2020 in an attempt to improve financial reporting and restore investor confidence.

The Sarbanes-Oxley Act of 2002, often simply called SOX or Sarbox, is U.S. law meant to protect investors from fraudulent accounting activities by corporations.

Explanation:

The Sarbanes-Oxley Act of 2002, often simply called SOX or Sarbox, is U.S. law meant to protect investors from fraudulent accounting activities by corporations. Here are the following sections passed;

Section 302 – Corporate Responsibility for Financial Reports – Every public company is required to file periodic financial reports with the SEC, and the principal executive officer and the principal financial officer must sign each report to indicate they have reviewed it and they certify that the report does not contain any untrue statements and does not omit any material information

Section 404 – Management Assessment of Internal Controls – All annual financial reports must include an Internal Control Report stating that management is responsible for an “adequate” internal control structure, and an assessment by management of the effectiveness of the control structure.

Section 409 – Real Time Issuer Disclosures – Companies are required to disclose to the public in a timely manner any material changes in the financial condition or operations of the company in the interest of protecting investors and the public.

Section 802 – Criminal Penalties for Altering Documents – Anyone who knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the investigation or proper administration of matters before the SEC can be fined, imprisoned for no more than 20 years, or both.

Section 906 – Corporate Responsibility for Financial Reports – The criminal penalty for certifying a misleading or fraudulent financial report can be upwards of $5 million in fines and 20 years in prison.

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