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Sarbanes-Oxley Act of
       2002.
                        by Dr.Rajesh Patel Director,nrv mba
1/29/2012 10:55:29 PM                                         1
                           ,email:1966patel@gmail.com
The Sarbanes–Oxley Act of 2002, enacted July 30, 2002), also
known as the 'Public Company Accounting Reform and Investor
Protection Act' (in the Senate) and 'Corporate and Auditing
Accountability and Responsibility Act' (in the House) and commonly
called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law
which set new or enhanced standards for all U.S. public company
boards, management and public accounting firms. It is named after
sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative
Michael G. Oxley (R-OH).
                           by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                         2
                              ,email:1966patel@gmail.com
The bill was enacted as a reaction to a number of major corporate and accounting scandals
including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom.
These scandals, which cost investors billions of dollars when the share prices of affected
companies collapsed, shook public confidence in the nation's securities markets.


                                   by Dr.Rajesh Patel Director,nrv mba
    1/29/2012 10:55:29 PM                                                               3
                                      ,email:1966patel@gmail.com
The act contains 11 titles, or sections, ranging from additional corporate board responsibilities
to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement
rulings on requirements to comply with the law. Harvey Pitt, the 26th chairman of the SEC, led
the SEC in the adoption of dozens of rules to implement the Sarbanes–Oxley Act. It created a
new, quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, charged
with overseeing, regulating, inspecting and disciplining accounting firms in their roles as
auditors of public companies. The act also covers issues such as auditor independence,
corporate governance, internal control assessment, and enhanced financial disclosure.
                                    by Dr.Rajesh Patel Director,nrv mba
    1/29/2012 10:55:29 PM                                                                  4
                                       ,email:1966patel@gmail.com
Outlines
Sarbanes–Oxley contains 11 titles that describe specific mandates and
requirements for financial reporting. Each title consists of several
sections, summarized below.




                           by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                         5
                              ,email:1966patel@gmail.com
•Public Company Accounting Oversight Board (PCAOB)
Title I consists of nine sections and establishes the Public Company
Accounting Oversight Board, to provide independent oversight of public
accounting firms providing audit services ("auditors").It also creates a
central oversight board tasked with registering auditors, defining the
specific processes and procedures for compliance audits, inspecting and
policing conduct and quality control, and enforcing compliance with the
specific mandates of SOX. by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                           6
                            ,email:1966patel@gmail.com
•Auditor Independence
Title II consists of nine sections and establishes
standards for external auditor independence, to limit
conflicts of interest. It also addresses new auditor
approval requirements, audit partner rotation, and
auditor reporting requirements. It restricts auditing
companies from providing non-audit services (e.g.,
consulting) for the same clients.
                          by Dr.Rajesh Patel Director,nrv mba
  1/29/2012 10:55:29 PM                                         7
                             ,email:1966patel@gmail.com
•Corporate Responsibility
Title III consists of eight sections and mandates that senior executives take individual
responsibility for the accuracy and completeness of corporate financial reports. It defines the
interaction of external auditors and corporate audit committees, and specifies the responsibility
of corporate officers for the accuracy and validity of corporate financial reports. It enumerates
specific limits on the behaviors of corporate officers and describes specific forfeitures of benefits
and civil penalties for non-compliance. For example, Section 302 requires that the company's
"principal officers" (typically the Chief Executive Officer and Chief Financial Officer) certify and
approve the integrity of their company financial reports quarterly.[4]

                                      by Dr.Rajesh Patel Director,nrv mba
     1/29/2012 10:55:29 PM                                                                    8
                                         ,email:1966patel@gmail.com
•Enhanced Financial Disclosures
Title IV consists of nine sections. It describes enhanced reporting
requirements for financial transactions, including off-balance-sheet
transactions, pro-forma figures and stock transactions of corporate
officers. It requires internal controls for assuring the accuracy of
financial reports and disclosures, and mandates both audits and reports
on those controls. It also requires timely reporting of material changes
in financial condition and specific enhanced reviews by the SEC or its
agents of corporate reports.
                           by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                           9
                              ,email:1966patel@gmail.com
•Analyst Conflicts of Interest
Title V consists of only one section, which includes
measures designed to help restore investor
confidence in the reporting of securities analysts. It
defines the codes of conduct for securities analysts
and requires disclosure of knowable conflicts of
                          by Dr.Rajesh Patel Director,nrv mba
interest.
  1/29/2012 10:55:29 PM
                             ,email:1966patel@gmail.com
                                                                10
•Commission Resources and Authority
Title VI consists of four sections and defines practices to
restore investor confidence in securities analysts. It also
defines the SEC’s authority to censure or bar securities
professionals from practice and defines conditions under
which a person can be barred from practicing as a broker,
                          by Dr.Rajesh Patel Director,nrv mba
advisor, or dealer.
    1/29/2012 10:55:29 PM
                             ,email:1966patel@gmail.com
                                                              11
•Studies and Reports
Title VII consists of five sections and requires the Comptroller
General and the SEC to perform various studies and report
their findings. Studies and reports include the effects of
consolidation of public accounting firms, the role of credit
rating agencies in the operation of securities markets,
securities violations and enforcement actions, and whether
investment banks assisted Enron, Global Crossing and others
to manipulate earnings and obfuscate true financial
conditions.               by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                   12
                           ,email:1966patel@gmail.com
•Corporate and Criminal Fraud Accountability
Title VIII consists of seven sections and is also referred to as
the “Corporate and Criminal Fraud Accountability Act of
2002”. It describes specific criminal penalties for
manipulation, destruction or alteration of financial records
or other interference with investigations, while providing
certain protections for whistle-blowers.
                           by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                         13
                              ,email:1966patel@gmail.com
•White Collar Crime Penalty Enhancement
Title IX consists of six sections. This section is also called the
“White Collar Crime Penalty Enhancement Act of 2002.”
This section increases the criminal penalties associated with
white-collar crimes and conspiracies. It recommends
stronger sentencing guidelines and specifically adds failure
to certify corporate financial Patel Director,nrv as a criminal offense.
                           by Dr.Rajesh
                                        reports mba
   1/29/2012 10:55:29 PM                                             14
                             ,email:1966patel@gmail.com
•Corporate Tax Returns
Title X consists of one section. Section 1001 states
that the Chief Executive Officer should sign the
company tax return.


                          by Dr.Rajesh Patel Director,nrv mba
  1/29/2012 10:55:29 PM                                         15
                             ,email:1966patel@gmail.com
•Corporate Fraud Accountability
Title XI consists of seven sections. Section 1101 recommends
a name for this title as “Corporate Fraud Accountability Act of
2002”. It identifies corporate fraud and records tampering as
criminal offenses and joins those offenses to specific
penalties. It also revises sentencing guidelines and
strengthens their penalties. This enables the SEC to resort to
temporarily freezing transactions or payments that have been
deemed "large" or "unusual".
                           by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                         16
                              ,email:1966patel@gmail.com
•Auditor conflicts of interest: Prior to SOX, auditing firms, the primary
financial "watchdogs" for investors, were self-regulated. They also
performed significant non-audit or consulting work for the companies
they audited. Many of these consulting agreements were far more
lucrative than the auditing engagement. This presented at least the
appearance of a conflict of interest. For example, challenging the
company's accounting approach might damage a client relationship,
conceivably placing a significant consulting arrangement at risk,
damaging the auditing firm's bottom line.
                           by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                           17
                              ,email:1966patel@gmail.com
Boardroom failures: Boards of Directors, specifically Audit
Committees, are charged with establishing oversight
mechanisms for financial reporting in U.S. corporations on the
behalf of investors. These scandals identified Board members
who either did not exercise their responsibilities or did not
have the expertise to understand the complexities of the
businesses. In many cases, Audit Committee members were
not truly independent of management
                           by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                         18
                              ,email:1966patel@gmail.com
•Securities analysts' conflicts of interest: The roles of
securities analysts, who make buy and sell recommendations
on company stocks and bonds, and investment bankers, who
help provide companies loans or handle mergers and
acquisitions, provide opportunities for conflicts. Similar to the
auditor conflict, issuing a buy or sell recommendation on a
stock while providing lucrative investment banking services
creates at least the appearance Director,nrvconflict of interest.
                        by Dr.Rajesh Patel
                                           of a mba
   1/29/2012 10:55:29 PM                                    19
                           ,email:1966patel@gmail.com
•Inadequate funding of the SEC: The SEC
budget has steadily increased to nearly double
the pre-SOX level.[7] In the interview cited
above, Sarbanes indicated that enforcement
and rule-making are more effective post-SOX.

                          by Dr.Rajesh Patel Director,nrv mba
  1/29/2012 10:55:29 PM                                         20
                             ,email:1966patel@gmail.com
•Banking practices: Lending to a firm sends signals to
investors regarding the firm's risk. In the case of Enron,
several major banks provided large loans to the company
without understanding, or while ignoring, the risks of the
company. Investors of these banks and their clients were hurt
by such bad loans, resulting in large settlement payments by
the banks. Others interpreted the willingness of banks to lend
money to the company as an indication of its health and
integrity, and were led to invest in Enron as a result. These
investors were hurt as well.

                           by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                         21
                              ,email:1966patel@gmail.com
•Internet bubble: Investors had been stung in 2000
by the sharp declines in technology stocks and to a
lesser extent, by declines in the overall market.
Certain mutual fund managers were alleged to have
advocated the purchasing of particular technology
stocks, while quietly selling them. The losses
sustained also helped create a general anger among
investors.

                          by Dr.Rajesh Patel Director,nrv mba
  1/29/2012 10:55:29 PM                                         22
                             ,email:1966patel@gmail.com
•Executive compensation: Stock option and bonus practices,
combined with volatility in stock prices for even small
earnings "misses," resulted in pressures to manage
earnings.[8] Stock options were not treated as compensation
expense by companies, encouraging this form of
compensation. With a large stock-based bonus at risk,
managers were pressured to meet their targets.

                           by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                         23
                              ,email:1966patel@gmail.com
Analyzing the cost-benefits of Sarbanes–
Oxley
A significant body of academic research and opinion exists
regarding the costs and benefits of SOX, with significant
differences in conclusions. This is due in part to the difficulty
of isolating the impact of SOX from other variables affecting
the stock market and corporate earnings.[9][10] Conclusions
from several of these studies and related criticism are
summarized below:
                           by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                         24
                              ,email:1966patel@gmail.com
Compliance costs
•FEI Survey (Annual): Finance Executives International (FEI) provides an
annual survey on SOX Section 404 costs. These costs have continued to
decline relative to revenues since 2004. The 2007 study indicated that,
for 168 companies with average revenues of $4.7 billion, the average
compliance costs were $1.7 million (0.036% of revenue).[11] The 2006
study indicated that, for 200 companies with average revenues of $6.8
billion, the average compliance costs were $2.9 million (0.043% of
revenue), down 23% from 2005. Cost for decentralized companies (i.e.,
those with multiple segments or divisions) were considerably more than
centralized companies. Survey scores related to the positive effect of
SOX on investor confidence, reliability of financial statements, and fraud
prevention continue to rise. However, when asked in 2006 whether the
benefits of compliance with Section 404 have exceeded costs in 2006,
only 22 percent agreed.[12]


                           by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                            25
                              ,email:1966patel@gmail.com
Benefits to firms and investors
•Arping/Sautner (2010): This research paper analyzes whether SOX
enhanced corporate transparency.[17] Looking at foreign firms that are
cross-listed in the US, the paper indicates that, relative to a control
sample of comparable firms that are not subject to SOX, cross-listed
firms became significantly more transparent following SOX. Corporate
transparency is measured based on the dispersion and accuracy of
analyst earnings forecasts.
•Iliev (2007): This research paper indicated that SOX 404 indeed led to
conservative reported earnings, but also reduced—rightly or wrongly—
stock valuations of small firms.[18] Lower earnings often cause the share
price to decrease.
                           by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                           26
                              ,email:1966patel@gmail.com
•Skaife/Collins/Kinney/LaFond (2006): This research paper indicates that borrowing
costs are lower for companies that improved their internal control, by between 50 and
150 basis points (.5 to 1.5 percentage points).[19]
•Lord & Benoit Report (2006): Do the Benefits of 404 Exceed the Cost? A study of a
population of nearly 2,500 companies indicated that those with no material
weaknesses in their internal controls, or companies that corrected them in a timely
manner, experienced much greater increases in share prices than companies that did
not.[20][21] The report indicated that the benefits to a compliant company in share price
(10% above Russell 3000 index) were greater than their SOX Section 404 costs.
•Institute of Internal Auditors (2005): The research paper indicates that corporations
have improved their internal controls and that financial statements are perceived to be
more reliable.[22]



                                 by Dr.Rajesh Patel Director,nrv mba
    1/29/2012 10:55:29 PM                                                         27
                                    ,email:1966patel@gmail.com
Implementation of key provisions
Sarbanes–Oxley Section 302: Disclosure controls
Under Sarbanes–Oxley, two separate sections came into effect—one civil and the other
criminal. 15 U.S.C. § 7241 (Section 302) (civil provision); 18 U.S.C. § 1350 (Section 906)
(criminal provision).
Section 302 of the Act mandates a set of internal procedures designed to ensure accurate
financial disclosure. The signing officers must certify that they are “responsible for
establishing and maintaining internal controls” and “have designed such internal controls to
ensure that material information relating to the company and its consolidated subsidiaries is
made known to such officers by others within those entities, particularly during the period in
which the periodic reports are being prepared.” 15 U.S.C. § 7241(a)(4). The officers must
“have evaluated the effectiveness of the company’s internal controls as of a date within 90
days prior to the report” and “have presented in the report their conclusions about the
effectiveness of their internal controls based on their evaluation as of that date.” Id..

                                    by Dr.Rajesh Patel Director,nrv mba
    1/29/2012 10:55:29 PM                                                                 28
                                       ,email:1966patel@gmail.com
Sarbanes–Oxley Section 303: Improper Influence on Conduct of Audits
a.Rules To Prohibit. It shall be unlawful, in contravention of such rules or regulations
as the Commission shall prescribe as necessary and appropriate in the public
interest or for the protection of investors, for any officer or director of an issuer, or
any other person acting under the direction thereof, to take any action to
fraudulently influence, coerce, manipulate, or mislead any independent public or
certified accountant engaged in the performance of an audit of the financial
statements of that issuer for the purpose of rendering such financial statements
materially misleading. [2]




                                  by Dr.Rajesh Patel Director,nrv mba
    1/29/2012 10:55:29 PM                                                            29
                                     ,email:1966patel@gmail.com
Sarbanes-Oxley Section 401: Disclosures in periodic reports (Off-balance sheet items)
The bankruptcy of Enron drew attention to off-balance sheet instruments that were used
fraudulently. During 2010, the court examiner's review of the Lehman Brothers
bankruptcy also brought these instruments back into focus, as Lehman had used an
instrument called "Repo 105" to allegedly move assets and debt off-balance sheet to
make its financial position look more favorable to investors. Sarbanes-Oxley required the
disclosure of all material off-balance sheet items. It also required an SEC study and
report to better understand the extent of usage of such instruments and whether
accounting principles adequately addressed these instruments; the SEC report was
issued June 15, 2005.[28][29] Interim guidance was issued in May 2006, which was later
finalized.[30] Critics argued the SEC did not take adequate steps to regulate and monitor
this activity.[31]




                                 by Dr.Rajesh Patel Director,nrv mba
    1/29/2012 10:55:29 PM                                                         30
                                    ,email:1966patel@gmail.com
Sarbanes–Oxley Section 404: Assessment of internal control
Further information: SOX 404 top-down risk assessment
The most contentious aspect of SOX is Section 404, which requires management and the external
auditor to report on the adequacy of the company's internal control on financial reporting (ICFR). This is
the most costly aspect of the legislation for companies to implement, as documenting and testing
important financial manual and automated controls requires enormous effort.[32]
Under Section 404 of the Act, management is required to produce an “internal control report” as part
of each annual Exchange Act report. See 15 U.S.C. § 7262. The report must affirm “the responsibility of
management for establishing and maintaining an adequate internal control structure and procedures
for financial reporting.” 15 U.S.C. § 7262(a). The report must also “contain an assessment, as of the end
of the most recent fiscal year of the Company, of the effectiveness of the internal control structure and
procedures of the issuer for financial reporting.” To do this, managers are generally adopting an internal
control framework such as that described in COSO.




                                         by Dr.Rajesh Patel Director,nrv mba
     1/29/2012 10:55:29 PM                                                                             31
                                            ,email:1966patel@gmail.com
Sarbanes–Oxley 404 and smaller public companies
The cost of complying with SOX 404 impacts smaller companies disproportionately, as
there is a significant fixed cost involved in completing the assessment. For example,
during 2004 U.S. companies with revenues exceeding $5 billion spent 0.06% of
revenue on SOX compliance, while companies with less than $100 million in revenue
spent 2.55%.[36]
This disparity is a focal point of 2007 SEC and U.S. Senate action.[37] The PCAOB intends
to issue further guidance to help companies scale their assessment based on company
size and complexity during 2007. The SEC issued their guidance to management in
June, 2007.[34]




                                 by Dr.Rajesh Patel Director,nrv mba
    1/29/2012 10:55:29 PM                                                         32
                                    ,email:1966patel@gmail.com
Sarbanes–Oxley Section 802: Criminal penalties for
influencing US Agency investigation/proper administration
Section 802(a) of the SOX, 18 U.S.C. § 1519 states:
 “ Whoever knowingly alters, destroys, mutilates, conceals,
    covers up, falsifies, or makes a false entry in any record,
    document, or tangible object with the intent to impede,
    obstruct, or influence the investigation or proper administration
    of any matter within the jurisdiction of any department or
    agency of the United States or any case filed under title 11, or
    in relation to or contemplation of any such matter or case, shall
    be fined under this title, imprisoned not more than 20 years, or
    both.                                                                ”

                          by Dr.Rajesh Patel Director,nrv mba
  1/29/2012 10:55:29 PM                                             33
                             ,email:1966patel@gmail.com
Sarbanes–Oxley Section 906: Criminal Penalties for CEO/CFO financial statement certification
§ 1350. Section 906 states: Failure of corporate officers to certify financial reports
(a) Certification of Periodic Financial Reports.— Each periodic report containing financial statements filed
by an issuer with the Securities Exchange Commission pursuant to section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78m (a) or 78o (d)) shall be accompanied bySection 802(a) of the SOX a
written statement by the chief executive officer and chief financial officer (or equivalent thereof) of the
issuer.
(b) Content.— The statement required under subsection (a) shall certify that the periodic report
containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of [1] 1934 (15 U.S.C. 78m or 78o (d)) and that information contained in the
periodic report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.
(c) Criminal Penalties.— Whoever— (1) certifies any statement as set forth in subsections (a) and (b) of
this section knowing that the periodic report accompanying the statement does not comport with all the
requirements set forth in this section shall be fined not more than $1,000,000 or imprisoned not more
than 10 years, or both; or
(2) willfully certifies any statement as set forth in subsections (a) and (b) of this section knowing that the
periodic report accompanying the statement does not comport with all the requirements set forth in this
section shall be fined not more than $5,000,000, or imprisoned not more than 20 years, or both. [3]




                                          by Dr.Rajesh Patel Director,nrv mba
     1/29/2012 10:55:29 PM                                                                                34
                                             ,email:1966patel@gmail.com
Sarbanes–Oxley Section 1107: Criminal penalties for retaliation against
whistleblowers
Section 1107 of the SOX 18 U.S.C. § 1513(e) states:[41]
Criticism
     “ Whoever knowingly, with the intent to retaliate, takes
            any action harmful to any person, including interference
            with the lawful employment or livelihood of any person,
            for providing to a law enforcement officer any truthful
            information relating to the commission or possible
            commission of any federal offense, shall be fined under
            this title, imprisoned not more than 10 years, or both.  ”




                             by Dr.Rajesh Patel Director,nrv mba
   1/29/2012 10:55:29 PM                                            35
                                ,email:1966patel@gmail.com
Criticism
Congressman Ron Paul and others such as former Arkansas governor Mike Huckabee have contended that
SOX was an unnecessary and costly government intrusion into corporate management that places U.S.
corporations at a competitive disadvantage with foreign firms, driving businesses out of the United States. In
an April 14, 2005 speech before the U.S. House of Representatives, Paul stated, "These regulations are
damaging American capital markets by providing an incentive for small US firms and foreign firms to
deregister from US stock exchanges. According to a study by a researcher at the Wharton Business School,
the number of American companies deregistering from public stock exchanges nearly tripled during the year
after Sarbanes–Oxley became law, while the New York Stock Exchange had only 10 new foreign listings in all
of 2004. The reluctance of small businesses and foreign firms to register on American stock exchanges is
easily understood when one considers the costs Sarbanes–Oxley imposes on businesses. According to a
survey by Korn/Ferry International, Sarbanes–Oxley cost Fortune 500 companies an average of $5.1 million
in compliance expenses in 2004, while a study by the law firm of Foley and Lardner found the Act increased
costs associated with being a publicly held company by 130 percent." [42]




                                         by Dr.Rajesh Patel Director,nrv mba
     1/29/2012 10:55:29 PM                                                                            36
                                            ,email:1966patel@gmail.com
Praise
Former Federal Reserve Chairman Alan Greenspan praised the Sarbanes–
Oxley Act: "I am surprised that the Sarbanes–Oxley Act, so rapidly developed
and enacted, has functioned as well as it has...the act importantly reinforced
the principle that shareholders own our corporations and that corporate
managers should be working on behalf of shareholders to allocate business
resources to their optimum use.”[51]
SOX has been praised by a cross-section of financial industry experts, citing
improved investor confidence and more accurate, reliable financial
statements. The CEO and CFO are now required to unequivocally take
ownership for their financial statements under Section 302, which was not
the case prior to SOX. Further, auditor conflicts of interest have been
addressed, by prohibiting auditors from also having lucrative consulting
agreements with the firms they audit under Section 201. SEC Chairman
Christopher Cox stated in 2007: "Sarbanes–Oxley helped restore trust in U.S.
markets by increasing accountability, speeding up reporting, and making
audits more independent."[52]



                                by Dr.Rajesh Patel Director,nrv mba
    1/29/2012 10:55:29 PM                                                        37
                                   ,email:1966patel@gmail.com
Legal challenges
A lawsuit (Free Enterprise Fund v. Public Company Accounting Oversight Board) was filed in 2006 challenging
the constitutionality of the PCAOB. The complaint argues that because the PCAOB has regulatory powers
over the accounting industry, its officers should be appointed by the President, rather than the SEC.[62]
Further, because the law lacks a "severability clause," if part of the law is judged unconstitutional, so is the
remainder. If the plaintiff prevails, the U.S. Congress may have to devise a different method of officer
appointment. Further, the other parts of the law may be open to revision.[63][64] The lawsuit was dismissed
from a District Court; the decision was upheld by the Court of Appeals on August 22, 2008.[65] Judge
Kavanaugh, in his dissent, argued strongly against the constitutionality of the law.[66] On May 18, 2009, the
United States Supreme Court agreed to hear this case.[67] On December 7, 2009, it heard the oral
arguments.[68] On June 28, 2010, the United States Supreme Court unanimously turned away a broad
challenge to the law, but ruled 5–4 that a section related to appointments violates the Constitution's
separation of powers mandate. The act remains "fully operative as a law" pending a process correction.




                                          by Dr.Rajesh Patel Director,nrv mba
     1/29/2012 10:55:29 PM                                                                              38
                                             ,email:1966patel@gmail.com
by Dr.Rajesh Patel Director,nrv mba
1/29/2012 10:55:29 PM                                         39
                           ,email:1966patel@gmail.com
by Dr.Rajesh Patel Director,nrv mba
1/29/2012 10:55:29 PM                                         40
                           ,email:1966patel@gmail.com
by Dr.Rajesh Patel Director,nrv mba
1/29/2012 10:55:29 PM                                         41
                           ,email:1966patel@gmail.com

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Sarbanas oxley act 2002

  • 1. Sarbanes-Oxley Act of 2002. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 1 ,email:1966patel@gmail.com
  • 2. The Sarbanes–Oxley Act of 2002, enacted July 30, 2002), also known as the 'Public Company Accounting Reform and Investor Protection Act' (in the Senate) and 'Corporate and Auditing Accountability and Responsibility Act' (in the House) and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law which set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH). by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 2 ,email:1966patel@gmail.com
  • 3. The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nation's securities markets. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 3 ,email:1966patel@gmail.com
  • 4. The act contains 11 titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the law. Harvey Pitt, the 26th chairman of the SEC, led the SEC in the adoption of dozens of rules to implement the Sarbanes–Oxley Act. It created a new, quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, charged with overseeing, regulating, inspecting and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 4 ,email:1966patel@gmail.com
  • 5. Outlines Sarbanes–Oxley contains 11 titles that describe specific mandates and requirements for financial reporting. Each title consists of several sections, summarized below. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 5 ,email:1966patel@gmail.com
  • 6. •Public Company Accounting Oversight Board (PCAOB) Title I consists of nine sections and establishes the Public Company Accounting Oversight Board, to provide independent oversight of public accounting firms providing audit services ("auditors").It also creates a central oversight board tasked with registering auditors, defining the specific processes and procedures for compliance audits, inspecting and policing conduct and quality control, and enforcing compliance with the specific mandates of SOX. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 6 ,email:1966patel@gmail.com
  • 7. •Auditor Independence Title II consists of nine sections and establishes standards for external auditor independence, to limit conflicts of interest. It also addresses new auditor approval requirements, audit partner rotation, and auditor reporting requirements. It restricts auditing companies from providing non-audit services (e.g., consulting) for the same clients. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 7 ,email:1966patel@gmail.com
  • 8. •Corporate Responsibility Title III consists of eight sections and mandates that senior executives take individual responsibility for the accuracy and completeness of corporate financial reports. It defines the interaction of external auditors and corporate audit committees, and specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports. It enumerates specific limits on the behaviors of corporate officers and describes specific forfeitures of benefits and civil penalties for non-compliance. For example, Section 302 requires that the company's "principal officers" (typically the Chief Executive Officer and Chief Financial Officer) certify and approve the integrity of their company financial reports quarterly.[4] by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 8 ,email:1966patel@gmail.com
  • 9. •Enhanced Financial Disclosures Title IV consists of nine sections. It describes enhanced reporting requirements for financial transactions, including off-balance-sheet transactions, pro-forma figures and stock transactions of corporate officers. It requires internal controls for assuring the accuracy of financial reports and disclosures, and mandates both audits and reports on those controls. It also requires timely reporting of material changes in financial condition and specific enhanced reviews by the SEC or its agents of corporate reports. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 9 ,email:1966patel@gmail.com
  • 10. •Analyst Conflicts of Interest Title V consists of only one section, which includes measures designed to help restore investor confidence in the reporting of securities analysts. It defines the codes of conduct for securities analysts and requires disclosure of knowable conflicts of by Dr.Rajesh Patel Director,nrv mba interest. 1/29/2012 10:55:29 PM ,email:1966patel@gmail.com 10
  • 11. •Commission Resources and Authority Title VI consists of four sections and defines practices to restore investor confidence in securities analysts. It also defines the SEC’s authority to censure or bar securities professionals from practice and defines conditions under which a person can be barred from practicing as a broker, by Dr.Rajesh Patel Director,nrv mba advisor, or dealer. 1/29/2012 10:55:29 PM ,email:1966patel@gmail.com 11
  • 12. •Studies and Reports Title VII consists of five sections and requires the Comptroller General and the SEC to perform various studies and report their findings. Studies and reports include the effects of consolidation of public accounting firms, the role of credit rating agencies in the operation of securities markets, securities violations and enforcement actions, and whether investment banks assisted Enron, Global Crossing and others to manipulate earnings and obfuscate true financial conditions. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 12 ,email:1966patel@gmail.com
  • 13. •Corporate and Criminal Fraud Accountability Title VIII consists of seven sections and is also referred to as the “Corporate and Criminal Fraud Accountability Act of 2002”. It describes specific criminal penalties for manipulation, destruction or alteration of financial records or other interference with investigations, while providing certain protections for whistle-blowers. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 13 ,email:1966patel@gmail.com
  • 14. •White Collar Crime Penalty Enhancement Title IX consists of six sections. This section is also called the “White Collar Crime Penalty Enhancement Act of 2002.” This section increases the criminal penalties associated with white-collar crimes and conspiracies. It recommends stronger sentencing guidelines and specifically adds failure to certify corporate financial Patel Director,nrv as a criminal offense. by Dr.Rajesh reports mba 1/29/2012 10:55:29 PM 14 ,email:1966patel@gmail.com
  • 15. •Corporate Tax Returns Title X consists of one section. Section 1001 states that the Chief Executive Officer should sign the company tax return. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 15 ,email:1966patel@gmail.com
  • 16. •Corporate Fraud Accountability Title XI consists of seven sections. Section 1101 recommends a name for this title as “Corporate Fraud Accountability Act of 2002”. It identifies corporate fraud and records tampering as criminal offenses and joins those offenses to specific penalties. It also revises sentencing guidelines and strengthens their penalties. This enables the SEC to resort to temporarily freezing transactions or payments that have been deemed "large" or "unusual". by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 16 ,email:1966patel@gmail.com
  • 17. •Auditor conflicts of interest: Prior to SOX, auditing firms, the primary financial "watchdogs" for investors, were self-regulated. They also performed significant non-audit or consulting work for the companies they audited. Many of these consulting agreements were far more lucrative than the auditing engagement. This presented at least the appearance of a conflict of interest. For example, challenging the company's accounting approach might damage a client relationship, conceivably placing a significant consulting arrangement at risk, damaging the auditing firm's bottom line. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 17 ,email:1966patel@gmail.com
  • 18. Boardroom failures: Boards of Directors, specifically Audit Committees, are charged with establishing oversight mechanisms for financial reporting in U.S. corporations on the behalf of investors. These scandals identified Board members who either did not exercise their responsibilities or did not have the expertise to understand the complexities of the businesses. In many cases, Audit Committee members were not truly independent of management by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 18 ,email:1966patel@gmail.com
  • 19. •Securities analysts' conflicts of interest: The roles of securities analysts, who make buy and sell recommendations on company stocks and bonds, and investment bankers, who help provide companies loans or handle mergers and acquisitions, provide opportunities for conflicts. Similar to the auditor conflict, issuing a buy or sell recommendation on a stock while providing lucrative investment banking services creates at least the appearance Director,nrvconflict of interest. by Dr.Rajesh Patel of a mba 1/29/2012 10:55:29 PM 19 ,email:1966patel@gmail.com
  • 20. •Inadequate funding of the SEC: The SEC budget has steadily increased to nearly double the pre-SOX level.[7] In the interview cited above, Sarbanes indicated that enforcement and rule-making are more effective post-SOX. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 20 ,email:1966patel@gmail.com
  • 21. •Banking practices: Lending to a firm sends signals to investors regarding the firm's risk. In the case of Enron, several major banks provided large loans to the company without understanding, or while ignoring, the risks of the company. Investors of these banks and their clients were hurt by such bad loans, resulting in large settlement payments by the banks. Others interpreted the willingness of banks to lend money to the company as an indication of its health and integrity, and were led to invest in Enron as a result. These investors were hurt as well. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 21 ,email:1966patel@gmail.com
  • 22. •Internet bubble: Investors had been stung in 2000 by the sharp declines in technology stocks and to a lesser extent, by declines in the overall market. Certain mutual fund managers were alleged to have advocated the purchasing of particular technology stocks, while quietly selling them. The losses sustained also helped create a general anger among investors. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 22 ,email:1966patel@gmail.com
  • 23. •Executive compensation: Stock option and bonus practices, combined with volatility in stock prices for even small earnings "misses," resulted in pressures to manage earnings.[8] Stock options were not treated as compensation expense by companies, encouraging this form of compensation. With a large stock-based bonus at risk, managers were pressured to meet their targets. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 23 ,email:1966patel@gmail.com
  • 24. Analyzing the cost-benefits of Sarbanes– Oxley A significant body of academic research and opinion exists regarding the costs and benefits of SOX, with significant differences in conclusions. This is due in part to the difficulty of isolating the impact of SOX from other variables affecting the stock market and corporate earnings.[9][10] Conclusions from several of these studies and related criticism are summarized below: by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 24 ,email:1966patel@gmail.com
  • 25. Compliance costs •FEI Survey (Annual): Finance Executives International (FEI) provides an annual survey on SOX Section 404 costs. These costs have continued to decline relative to revenues since 2004. The 2007 study indicated that, for 168 companies with average revenues of $4.7 billion, the average compliance costs were $1.7 million (0.036% of revenue).[11] The 2006 study indicated that, for 200 companies with average revenues of $6.8 billion, the average compliance costs were $2.9 million (0.043% of revenue), down 23% from 2005. Cost for decentralized companies (i.e., those with multiple segments or divisions) were considerably more than centralized companies. Survey scores related to the positive effect of SOX on investor confidence, reliability of financial statements, and fraud prevention continue to rise. However, when asked in 2006 whether the benefits of compliance with Section 404 have exceeded costs in 2006, only 22 percent agreed.[12] by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 25 ,email:1966patel@gmail.com
  • 26. Benefits to firms and investors •Arping/Sautner (2010): This research paper analyzes whether SOX enhanced corporate transparency.[17] Looking at foreign firms that are cross-listed in the US, the paper indicates that, relative to a control sample of comparable firms that are not subject to SOX, cross-listed firms became significantly more transparent following SOX. Corporate transparency is measured based on the dispersion and accuracy of analyst earnings forecasts. •Iliev (2007): This research paper indicated that SOX 404 indeed led to conservative reported earnings, but also reduced—rightly or wrongly— stock valuations of small firms.[18] Lower earnings often cause the share price to decrease. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 26 ,email:1966patel@gmail.com
  • 27. •Skaife/Collins/Kinney/LaFond (2006): This research paper indicates that borrowing costs are lower for companies that improved their internal control, by between 50 and 150 basis points (.5 to 1.5 percentage points).[19] •Lord & Benoit Report (2006): Do the Benefits of 404 Exceed the Cost? A study of a population of nearly 2,500 companies indicated that those with no material weaknesses in their internal controls, or companies that corrected them in a timely manner, experienced much greater increases in share prices than companies that did not.[20][21] The report indicated that the benefits to a compliant company in share price (10% above Russell 3000 index) were greater than their SOX Section 404 costs. •Institute of Internal Auditors (2005): The research paper indicates that corporations have improved their internal controls and that financial statements are perceived to be more reliable.[22] by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 27 ,email:1966patel@gmail.com
  • 28. Implementation of key provisions Sarbanes–Oxley Section 302: Disclosure controls Under Sarbanes–Oxley, two separate sections came into effect—one civil and the other criminal. 15 U.S.C. § 7241 (Section 302) (civil provision); 18 U.S.C. § 1350 (Section 906) (criminal provision). Section 302 of the Act mandates a set of internal procedures designed to ensure accurate financial disclosure. The signing officers must certify that they are “responsible for establishing and maintaining internal controls” and “have designed such internal controls to ensure that material information relating to the company and its consolidated subsidiaries is made known to such officers by others within those entities, particularly during the period in which the periodic reports are being prepared.” 15 U.S.C. § 7241(a)(4). The officers must “have evaluated the effectiveness of the company’s internal controls as of a date within 90 days prior to the report” and “have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date.” Id.. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 28 ,email:1966patel@gmail.com
  • 29. Sarbanes–Oxley Section 303: Improper Influence on Conduct of Audits a.Rules To Prohibit. It shall be unlawful, in contravention of such rules or regulations as the Commission shall prescribe as necessary and appropriate in the public interest or for the protection of investors, for any officer or director of an issuer, or any other person acting under the direction thereof, to take any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified accountant engaged in the performance of an audit of the financial statements of that issuer for the purpose of rendering such financial statements materially misleading. [2] by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 29 ,email:1966patel@gmail.com
  • 30. Sarbanes-Oxley Section 401: Disclosures in periodic reports (Off-balance sheet items) The bankruptcy of Enron drew attention to off-balance sheet instruments that were used fraudulently. During 2010, the court examiner's review of the Lehman Brothers bankruptcy also brought these instruments back into focus, as Lehman had used an instrument called "Repo 105" to allegedly move assets and debt off-balance sheet to make its financial position look more favorable to investors. Sarbanes-Oxley required the disclosure of all material off-balance sheet items. It also required an SEC study and report to better understand the extent of usage of such instruments and whether accounting principles adequately addressed these instruments; the SEC report was issued June 15, 2005.[28][29] Interim guidance was issued in May 2006, which was later finalized.[30] Critics argued the SEC did not take adequate steps to regulate and monitor this activity.[31] by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 30 ,email:1966patel@gmail.com
  • 31. Sarbanes–Oxley Section 404: Assessment of internal control Further information: SOX 404 top-down risk assessment The most contentious aspect of SOX is Section 404, which requires management and the external auditor to report on the adequacy of the company's internal control on financial reporting (ICFR). This is the most costly aspect of the legislation for companies to implement, as documenting and testing important financial manual and automated controls requires enormous effort.[32] Under Section 404 of the Act, management is required to produce an “internal control report” as part of each annual Exchange Act report. See 15 U.S.C. § 7262. The report must affirm “the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting.” 15 U.S.C. § 7262(a). The report must also “contain an assessment, as of the end of the most recent fiscal year of the Company, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting.” To do this, managers are generally adopting an internal control framework such as that described in COSO. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 31 ,email:1966patel@gmail.com
  • 32. Sarbanes–Oxley 404 and smaller public companies The cost of complying with SOX 404 impacts smaller companies disproportionately, as there is a significant fixed cost involved in completing the assessment. For example, during 2004 U.S. companies with revenues exceeding $5 billion spent 0.06% of revenue on SOX compliance, while companies with less than $100 million in revenue spent 2.55%.[36] This disparity is a focal point of 2007 SEC and U.S. Senate action.[37] The PCAOB intends to issue further guidance to help companies scale their assessment based on company size and complexity during 2007. The SEC issued their guidance to management in June, 2007.[34] by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 32 ,email:1966patel@gmail.com
  • 33. Sarbanes–Oxley Section 802: Criminal penalties for influencing US Agency investigation/proper administration Section 802(a) of the SOX, 18 U.S.C. § 1519 states: “ Whoever knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the investigation or proper administration of any matter within the jurisdiction of any department or agency of the United States or any case filed under title 11, or in relation to or contemplation of any such matter or case, shall be fined under this title, imprisoned not more than 20 years, or both. ” by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 33 ,email:1966patel@gmail.com
  • 34. Sarbanes–Oxley Section 906: Criminal Penalties for CEO/CFO financial statement certification § 1350. Section 906 states: Failure of corporate officers to certify financial reports (a) Certification of Periodic Financial Reports.— Each periodic report containing financial statements filed by an issuer with the Securities Exchange Commission pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m (a) or 78o (d)) shall be accompanied bySection 802(a) of the SOX a written statement by the chief executive officer and chief financial officer (or equivalent thereof) of the issuer. (b) Content.— The statement required under subsection (a) shall certify that the periodic report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of [1] 1934 (15 U.S.C. 78m or 78o (d)) and that information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the issuer. (c) Criminal Penalties.— Whoever— (1) certifies any statement as set forth in subsections (a) and (b) of this section knowing that the periodic report accompanying the statement does not comport with all the requirements set forth in this section shall be fined not more than $1,000,000 or imprisoned not more than 10 years, or both; or (2) willfully certifies any statement as set forth in subsections (a) and (b) of this section knowing that the periodic report accompanying the statement does not comport with all the requirements set forth in this section shall be fined not more than $5,000,000, or imprisoned not more than 20 years, or both. [3] by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 34 ,email:1966patel@gmail.com
  • 35. Sarbanes–Oxley Section 1107: Criminal penalties for retaliation against whistleblowers Section 1107 of the SOX 18 U.S.C. § 1513(e) states:[41] Criticism “ Whoever knowingly, with the intent to retaliate, takes any action harmful to any person, including interference with the lawful employment or livelihood of any person, for providing to a law enforcement officer any truthful information relating to the commission or possible commission of any federal offense, shall be fined under this title, imprisoned not more than 10 years, or both. ” by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 35 ,email:1966patel@gmail.com
  • 36. Criticism Congressman Ron Paul and others such as former Arkansas governor Mike Huckabee have contended that SOX was an unnecessary and costly government intrusion into corporate management that places U.S. corporations at a competitive disadvantage with foreign firms, driving businesses out of the United States. In an April 14, 2005 speech before the U.S. House of Representatives, Paul stated, "These regulations are damaging American capital markets by providing an incentive for small US firms and foreign firms to deregister from US stock exchanges. According to a study by a researcher at the Wharton Business School, the number of American companies deregistering from public stock exchanges nearly tripled during the year after Sarbanes–Oxley became law, while the New York Stock Exchange had only 10 new foreign listings in all of 2004. The reluctance of small businesses and foreign firms to register on American stock exchanges is easily understood when one considers the costs Sarbanes–Oxley imposes on businesses. According to a survey by Korn/Ferry International, Sarbanes–Oxley cost Fortune 500 companies an average of $5.1 million in compliance expenses in 2004, while a study by the law firm of Foley and Lardner found the Act increased costs associated with being a publicly held company by 130 percent." [42] by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 36 ,email:1966patel@gmail.com
  • 37. Praise Former Federal Reserve Chairman Alan Greenspan praised the Sarbanes– Oxley Act: "I am surprised that the Sarbanes–Oxley Act, so rapidly developed and enacted, has functioned as well as it has...the act importantly reinforced the principle that shareholders own our corporations and that corporate managers should be working on behalf of shareholders to allocate business resources to their optimum use.”[51] SOX has been praised by a cross-section of financial industry experts, citing improved investor confidence and more accurate, reliable financial statements. The CEO and CFO are now required to unequivocally take ownership for their financial statements under Section 302, which was not the case prior to SOX. Further, auditor conflicts of interest have been addressed, by prohibiting auditors from also having lucrative consulting agreements with the firms they audit under Section 201. SEC Chairman Christopher Cox stated in 2007: "Sarbanes–Oxley helped restore trust in U.S. markets by increasing accountability, speeding up reporting, and making audits more independent."[52] by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 37 ,email:1966patel@gmail.com
  • 38. Legal challenges A lawsuit (Free Enterprise Fund v. Public Company Accounting Oversight Board) was filed in 2006 challenging the constitutionality of the PCAOB. The complaint argues that because the PCAOB has regulatory powers over the accounting industry, its officers should be appointed by the President, rather than the SEC.[62] Further, because the law lacks a "severability clause," if part of the law is judged unconstitutional, so is the remainder. If the plaintiff prevails, the U.S. Congress may have to devise a different method of officer appointment. Further, the other parts of the law may be open to revision.[63][64] The lawsuit was dismissed from a District Court; the decision was upheld by the Court of Appeals on August 22, 2008.[65] Judge Kavanaugh, in his dissent, argued strongly against the constitutionality of the law.[66] On May 18, 2009, the United States Supreme Court agreed to hear this case.[67] On December 7, 2009, it heard the oral arguments.[68] On June 28, 2010, the United States Supreme Court unanimously turned away a broad challenge to the law, but ruled 5–4 that a section related to appointments violates the Constitution's separation of powers mandate. The act remains "fully operative as a law" pending a process correction. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 38 ,email:1966patel@gmail.com
  • 39. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 39 ,email:1966patel@gmail.com
  • 40. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 40 ,email:1966patel@gmail.com
  • 41. by Dr.Rajesh Patel Director,nrv mba 1/29/2012 10:55:29 PM 41 ,email:1966patel@gmail.com