2. Over the course of his more than 20-year career in
corporate finance, James Kasim has worked as an
executive with several firms, including Ernst & Young,
LLP, and Pacific Office Properties Trust, Inc. At these
firms, James Kasim gained extensive experience in a
number of areas, including debt and equity fund-
raising, real estate acquisitions, and Sarbanes-Oxley
compliance.
Named after the main architects of the bill, Senator
Paul Sarbanes and Representative Michael Oxley, the
Sarbanes-Oxley Act (SOX) introduced widespread
reforms to improve the governing, financial
reporting, and auditing practices of publicly held
companies.
3. The law was passed in the wake of a series of major
financial scandals and was specifically designed to
help restore investor confidence and prevent similar
fraudulent corporate practices in the future.
Among other things, the rules and policies outlined in
the SOX Act cover the responsibilities of auditors,
board members, and corporate executives in relation
to financial reporting. The act also created the Public
Companies Accounting Oversight Board (PCAOB) and
established harsher penalties for certain types of
financial misconduct. Today, individuals and
companies out of compliance with SOX face a range
penalties, including hefty fines and imprisonment for
serious infractions.
