Sarbanes-Oxley Act (SOX)
What is the Sarbanes-Oxley Act (SOX)
SOX is the Sarbanes-Oxley Act of 2002. It was put into place to protect investors from the potential threat of fraudulent accounting activity by corporations. The SOX Act emphasized strict changes as a means of improving financial disclosures from corporations, and to prevent accounting fraud in general.
Who is subject to SOX Compliance?
SOX is an obligatory act that every business must comply with, whether a large or small company. All publicly-traded companies in the United States, including all wholly-owned companies, and all publicly-traded non-US companies conducting business in the United States are affected. Furthermore, private companies that are organizing for their initial public offering (IPO) are also obligated to comply with certain requirements of Sarbanes-Oxley.
What are my Rights Under SOX?
Employees have the right to report to or help with an investigation by, an employer or a federal enforcement agency about behavior that the employee reasonably considers a violation of the Securities and Exchange Commission regulations, is mail, wire, bank or security fraud, or is fraud against shareholders.
Who does SOX Protect?
Employees of publicly traded organizations and contractors, subcontractors, and agencies of publicly traded companies, are considered protected under this act.
Why is SOX Important?
All companies applicable to SOX must establish a financial accounting structure that can produce financial reports that are continuously verifiable with source data that is fully traceable. This source data must stay intact and cannot be revised without proper documentation. Aside from negative publicity and the threat of lawsuits, a corporate officer who does not comply or submits an incorrect certification, could face up to a fine of $1 million and ten years in prison, even if the errors were done mistakenly. If a incorrect certification was provided knowingly however, the fine could be close to $5 million and twenty years in prison.
Where can I find more information about SOX?
To learn more, visit this link: http://www.soxlaw.com/
What People Are Saying About PROSHRED®
My experience with Proshred couldn't have been any better. I have seldom dealt with a more professional business. This was a one off... read moreMy experience with Proshred couldn't have been any better. I have seldom dealt with a more professional business. This was a one off job, but if I ever need shredding again I will not hesitate to call Proshred. I highly recommend Proshred to anybody who needs this kind of service. read less
Rob F.8/23/2022Best shredding in the area, thank you so much. Quick and same day appointment. Best prices in town
Serafin V.2/24/2022Very quick and easy process. I got a quote from Michael. He was responsive and patient . I remembered in the last minute that I... read moreVery quick and easy process. I got a quote from Michael. He was responsive and patient . I remembered in the last minute that I put a hard drive with the papers for shredding and he had to fish for it in the shredding bin. He also shredding everything in front of me, which I really appreciated. read less
Neda A.10/08/2021Very quick and easy process. I got a quote from Michael. He was responsive and patient . I remembered in the last minute that I... read moreVery quick and easy process. I got a quote from Michael. He was responsive and patient . I remembered in the last minute that I put a hard drive with the papers for shredding and he had to fish for it in the shredding bin. He also shredding everything in front of me, which I really appreciated. read less
Neda A.10/08/2021From my first conversation with Angel, I knew this was a professional, customer oriented company. When you call you speak directly with the owner.... read moreFrom my first conversation with Angel, I knew this was a professional, customer oriented company. When you call you speak directly with the owner. Angel was thorough with service and pricing structure details. She had me set up to receive service within days. Drivers are professional, friendly, neatly dressed, and most importantly to me --they showed up when promised! Response to questions or changes to service were answered by Angel - the owner! If you are in the Bay Area looking for a certified, local shredding service, call ProShred! read less
B P.10/07/2021From my first conversation with Angel, I knew this was a professional, customer oriented company. When you call you speak directly with the owner.... read moreFrom my first conversation with Angel, I knew this was a professional, customer oriented company. When you call you speak directly with the owner. Angel was thorough with service and pricing structure details. She had me set up to receive service within days. Drivers are professional, friendly, neatly dressed, and most importantly to me --they showed up when promised! Response to questions or changes to service were answered by Angel - the owner! If you are in the Bay Area looking for a certified, local shredding service, call ProShred! read less
B P.10/07/2021I had a 40-50 boxes of very old records including Xrays that needed to be disposed of. Angel was quick to respond to all my... read moreI had a 40-50 boxes of very old records including Xrays that needed to be disposed of. Angel was quick to respond to all my inquiries. We delayed the process for more than a year due to COVID but ultimately PROSHRED came through.
Angel drove a van up to my office, helped load all the documents and even went beyond her responsibilities to assist me in getting rid of paper in 3 ring binders. It took less than 30 min and a job that had taken a year to prepare for was done!
Thanks Angel and PROSHREAD. read lessSilence B.9/15/2021
