Best foot forward: SOX and financial standards: higher ed leaders come to terms with the Sarbanes-Oxley Act.
University Business › Vol. 10 Nbr. 7, July 2007
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Best foot forward: SOX and financial standards: higher ed leaders come to terms with the Sarbanes-Oxley Act.
A CORPORATE CEO MIGHT RISK SCANDAL and bad press in the pursuit of profits, but prison? When the Sarbanes-Oxley Act of 2002 (often known as SOX) included criminal penalties for fraud in financial statements, corporate executives took notice. And in their fear, they made SOX seem like a horrible burden. "There's nothing in Sarbanes-Oxley that is harmful to anybody," contends Peggy M. Jackson, author of Sarbanes-Oxley for Nonprofit Boards: A New Governance Paradigm (Wiley, 2006), whose background is in business administration and insurance. "It's all things people should be doing anyway."
SOX legislation applies to publicly traded companies as well as those that hope to become public or to be acquired by a public company some day. While it does not apply to such nonprofit organizations as colleges and universities, its underlying principle...See the full content of this document
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