Full title of the Sarbanes-Oxley Act

[nairobiny]

What is the full title of the Sarbanes-Oxley Act?

The Act happily informs us that it may be referred to by its short title "The Sarbanes-Oxley Act 2002". But does it have a full title?

I'm writing a booklet on internal control comparisons between UK and US and my boss is convinced that it has a proper title. The best I could come up with was its front page reference to it being "an Act to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws and for other purposes."

Can any of the experts here do any better?

[harrywaldron]

Hi and welcome to the forums

Below is a partial URL link of SOX bookmarks, I've captured in the past (which actually led me to the forums here). One of these links includes the full text of the law which is in PDF and would have the official title.

allpm.com/index.php?name=PNphpBB2&file=viewtopic&t=820

This might also help:

[nairobiny]

Thanks Harry

The full PDF is linked - thanks for that - but it's the version I'd already consulted and it doesn't provide a full title. The quote you provided, which I think comes from Wikipedia, isn't referenced and I think it's not quite accurate. My understanding was that that had been the title of the Senate version but that it was the House version which got taken forward into the final Act (hence the HR 3763 at the top of the Act).

Splitting hairs, I admit, but it's nice to get these things right if possible.

[kymike]

http://www.whitehouse.gov/omb/legislative/sap/107-2/HR3763-r.html

H.R. 3763 - Corporate and Auditing Accountability, Responsibility,
and Transparency Act of 2002

This is the House of Representatives version

[harrywaldron]

Indeed -- it's difficult to find the "official name" as I've continued to search.

In the full text of the law, it notes the Short-Title is permissable, which is: Sarbanes-Oxley Act of 2002 ... However, H.R. 3763 and Public Law 107-204 should also to worked into the full title.

This link was found during further searches may denote an "official title"

govtrack.us/congress/bill.xpd?bill=h107-3763

This might be the official title below

[kymike]

The SEC just refers to it in it's short form as the opening words from their adoption of rules related to section 404 indicate - "As directed by Section 404 of the Sarbanes-Oxley Act of 2002, we are adopting rules requiring companies subject to the reporting....". The PCAOB uses this name as well in their official rules.

[harrywaldron]

hi kymike - we need to go wake milan up ... he'd know for sure

P.S. Also found this:

allbusiness.com/business_advice/articles/11410.html

[Denis]

According to the act itself it can be cited as the "Sarbanes-Oxley Act of 2002" which is the title under which it was passed in both House and Senate.

It was previously known as the "Corporate and Auditing Accountability, Responsibility, and Transparency Act of 2002" and then the "Public Company Accounting Reform and Investor Protection Act of 2002" in earlier drafts.

According to the Library of Congress http://thomas.loc.gov/cgi-bin/bdquery/z?d107:HR03763: the full title is:

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

A summary of the various titles used is as follows:

POPULAR TITLE(S):
Accounting Industry Reform bill (identified by CRS)
Corporate Accountability bill (identified by CRS)

SHORT TITLE(S) AS INTRODUCED:
Corporate and Auditing Accountability, Responsibility, and Transparency Act of 2002

SHORT TITLE(S) AS REPORTED TO HOUSE:
Corporate and Auditing Accountability, Responsibility, and Transparency Act of 2002

SHORT TITLE(S) AS PASSED HOUSE:
Corporate and Auditing Accountability, Responsibility, and Transparency Act of 2002

SHORT TITLE(S) AS PASSED SENATE:
Public Company Accounting Reform and Investor Protection Act of 2002
Corporate and Criminal Fraud Accountability Act of 2002
White-Collar Crime Penalty Enhancement Act of 2002

SHORT TITLE(S) AS ENACTED:
Sarbanes-Oxley Act of 2002
Corporate and Criminal Fraud Accountability Act of 2002
Corporate Fraud Accountability Act of 2002
White-Collar Crime Penalty Enhancement Act of 2002

OFFICIAL TITLE AS INTRODUCED:
To protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes.
_________________
"The art of life is to deal with problems as they arise, rather than destroy one's spirit by worrying about them too far in advance" - Cicero

[milan]

Gents,

Harry was right...I was fast asleep when this topic was raised since I am in the US. I've a strong hunch that the individual who posted the question is in the UK...

"I'm writing a booklet on internal control comparisons between UK and US...".

If the individual was from the US, the US would've come first. Go figure.

It looks like between the three of you, Denis, KyMike and Harry, each of you provided excellent, well-researched feedback to the question that was posted in the Forum.

The individual who posted the question might also benefit by receiving feedback or links to any published resources that compare/contrast UK/US Internal Controls and/or Corporate Governance.

On this theory, I offer the following:

From the website below,
boardmember.com/

an informational and useful article is posted, Summary of Selected Corporate Governance Matters by Country. The table comparison is found in a periodic document entitled "Audit Committee Brief" October 2003 published by Deloitte. Anyone interested need only register (for free) on the website and locate the article. Other informational articles are there as well.

The comparison is not extensive, but it provides a very good comparison and high level summary of corporate governance matters in 10 countries including UK and the US.

Hope this further helps,

Milan