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SOX

Sarbanes-Oxley (SOX) act applies in general to publicly held companies and their audit firms - mainly affecting the accounting profession and impacts not just the large accounting firms, but any CPA actively working as an auditor of, or for, a publicly traded company.

Section 404, effective in 2006, requires that all annual financial reports must include an Internal Control Report stating that management is responsible for an "adequate" internal control structure, and an assessment by management of the effectiveness of control structure. Any shortcomings in these controls must also be reported to the SEC.


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