Question

What are the key points of the “Issuer and Management Disclosure” of the Sarbanes-Oxley Act? 

 

Answer 1

1.

Public companies must report all off balance-sheet transactions.

2.

Annual reports filed with the SEC must include a statement by management asserting that it is responsible for creating and maintaining adequate internal controls and asserting to the effectiveness of those controls.

3.

Officers must certify that the company’s accounts “fairly present” the firm’s financial condition and results of operations. 

4.

Knowingly filing a false certification is a criminal offence.