Sarbanes-Oxley Act
The Sarbanes-Oxley Act of 2002 is United States legislation addressing aspects of corporate reporting, oversight and accountability. Its provisions established the Public Company Accounting Oversight Board and introduced requirements relevant to specified issuers and auditors, including internal-control reporting provisions. Applicability depends on the entity, provision and circumstances. It is US law, not an IFRS Accounting Standard or a universal requirement for all companies worldwide.
Worked example
A US-listed issuer assesses whether the Act’s relevant management internal-control reporting and auditor attestation provisions apply, including any available exemptions.
Common mistake
Assuming the Act applies to every company worldwide, or confusing its legal requirements with IFRS recognition and measurement rules.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | SBL | Supporting | September 2026–June 2027 |