Overview of Sarbanes-Oxley Act

The video discusses the impact of Sarbanes-Oxley on corporate governance, focusing on stakeholder protection, ethics, and accountability. It highlights changes in corporate governance practices, increased disclosure requirements, and the formation of the Professional Company Accounting Oversight Board. The video also covers securities law changes, including insider trading and whistleblower provisions, emphasizing the importance of governance provisions affecting officers and directors.

What was a major change in corporate governance practices discussed in the video?

• Increased focus on internal stakeholders only

• Elimination of ethics codes

• Emphasis on shareholder fairness and external stakeholders

• Reduction in corporate regulations

What is a key aspect of the law related to disclosure requirements?

• No requirement for certified statements

• Reduced public accountability

• Increased liability for officers and directors

• Less emphasis on accounting practices

What role does the Professional Company Accounting Oversight Board play?

• It focuses on internal corporate policies

• It reduces the need for public audits

• It governs auditing firms and sets standards

• It eliminates the need for executive certification

Which of the following was affected by the securities law regime?

• Decrease in criminal liability actions

• Focus on anti-fraud provisions

• Reduction in insider trading regulations

• Elimination of whistleblower protections

What provision was added to protect individuals reporting failures in public disclosure?

• Increased penalties for whistleblowers

• Whistleblower protections

• Elimination of reporting requirements

• Focus on internal reporting only