In the USA, in the year 2002, the Sarbanes and Oxley Law is a law on the reform of the accountancy of the companies and the protection of the investors. This famous lax is known under acronym SOX, Sarbox, SOA or according to the name of its promoters Loi Sarbanes-Oxley. It is a federal law voted in response to the various financial scandals (Parmalat, Enron, Worldcom, etc.) occurred recently which revealed at the great day the faults of the countable and financial legislation of the companies. The law of July 31, 2002 (Pub L No 107-204, 116 Stat. 745) known as Sarbanes-Oxley Act introduced:
- obligation for the presidents and the financial directors to certify the accounts personally
- obligation to name administrators independent at the committee of audit of the board of directors
- the framing of the particular advantages of the leaders (loss of the profit-sharing in the event of diffusion of inaccurate information, possibility given to the SEC - Securities and Exchange Commission, authority of regulation of the American stock exchange markets - to prohibit any social mandate for the leaders suspected of fraud).
This law also obliges to implement an internal audit being pressed on a conceptual framework. In practice the COSO is the reference frame more used. Because a number of non-American companies with dimensions in the New York Stock Exchange, largest of the world purses, and fact are subjected to this law, SOX has repercussions beyond the borders of the United States. It is besides why one speaks about extraterritoriality about the repercussions of law SOX.