Sarbanes Oxley Act, 2002
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The document discusses the Sarbanes-Oxley Act of 2002 (SOX), which was passed in response to corporate accounting scandals in the United States. It summarizes some key provisions of SOX, including requiring full financial disclosure from public companies and being applicable to companies listed on U.S. stock exchanges. While India already had its own corporate laws, the document argues some aspects of SOX like increased penalties for white collar crimes could strengthen Indian laws as well. It also notes Clause 49 of Securities and Exchange Board of India attempted to improve corporate governance in a manner similar to SOX.
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The document discusses the Sarbanes-Oxley Act (SOX) passed in the United States in response to major corporate accounting scandals. It summarizes key provisions of SOX including those relating to internal controls, financial disclosures, auditor independence and oversight. It then compares SOX to existing regulations and standards in India established by organizations like the Institute of Chartered Accountants of India. While Indian laws already addressed many issues covered by SOX, the document argues that India could benefit from stricter penalties for white collar crimes and more real-time financial disclosures as mandated by SOX.
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The document provides an overview of insolvency laws in India prior to and following the enactment of the Insolvency and Bankruptcy Code (IBC) 2016. It discusses recommendations from past committees that shaped insolvency reform in India and led to the passage of the IBC in 2016. The IBC consolidated various existing laws and established a single law and time-bound process for insolvency and bankruptcy resolution in India with the aim of improving ease of doing business.
Regulatory system
This document provides an overview of the regulatory system in the Indian financial mechanism. It discusses the key regulators such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and their roles and functions. The RBI is the central bank and apex monetary authority that formulates monetary policy and regulates banking. SEBI regulates securities markets and protects investor interests. Other organizations discussed include the Financial Stability and Development Council, Monetary Policy Committee, and Financial Sector Legislative Reform Committee.
Companies Act, 2013
Companies Act - Companies Act, 1956 - Features - Types of Companies Act under the Act - Introduction of Companies act 2013 - Structural Comparison - Objectives of the Act - Meaning and Features of the Company - Monitoring and Regulatory Authorities - SFIO - NCLT - Challenges of Companies act 2013 - Provisions of Company Act 2013 -
Unit-10- Overview of the securities and exchange board of India Act, 1992.pptx
Dr. Veada is an Assistant Professor with over 12 years of teaching experience. The document provides an overview of the Securities and Exchange Board of India (SEBI) Act of 1992. It discusses the history, objectives, organizational structure, functions, and powers of SEBI. As the regulatory authority for India's securities market, SEBI aims to protect investors, promote market development, and regulate market participants. It has powers to formulate regulations, inspect records, pass rulings, and impose penalties to encourage compliance and deter misconduct.
Corporate governance
Rating systems differ around the world, with the US relying on constitutional law, statutes, regulations, and common law, while India has ethical, moral, and contractual laws. Corporate governance aims to ensure companies are accountable to stakeholders and act in their best interests through transparency, fairness, and oversight of finances and leadership. Various regulations like the Companies Act and SEBI guidelines in India govern corporate governance, insolvency and bankruptcy, and the responsibilities of directors and shareholders.
Corporate governance in india & sebi regulations
- This document discusses corporate governance in India and regulations established by the Securities and Exchange Board of India (SEBI). It provides background on corporate scandals that led to increased regulation. SEBI established Clause 49, which strengthened the role of independent directors and introduced new disclosure requirements for public companies. The key changes required companies to have a minimum number of independent directors, limited terms for non-executive directors, established codes of conduct, and enhanced financial disclosures and internal controls. Effective corporate governance is important for India's corporations as they increasingly compete globally and attract foreign investment.
please explain in detail What is the PCAOB Please explain what is t.pdf
please explain in detail What is the PCAOB? Please explain what is the law, a describiton of the
law.
Solution
Public Company Accounting Oversight Board has been established as a part of the Sarbanes and
Oxley Act , 2002 with a view to protect investors interest in public companies through a
oversight over companies accounting and auditing practices. PCAOB is mainly focused on
implementing effective auditing practices, improving audit quality and maintain public trust in
the financial and auditing reports.
The Sarbanes and Oxley Act 2002, passed after major financial crimes such as Enron is a United
States Federal Law. It has eleven titles and establishes corporate accountability and civil and
criminal liabilities for white collar crimes. Title 1 contains provisions of the Public Company
Accounting Oversight board.
Some of the major provisions of the Act are :
(i) It requires public companies to evaluate and disclose the functioning of internal controls and
independent auditors have to agree to such disclosure.
(ii) Financial reports are to be certified by the Chief Financial Officer and Chief Executive
Officer.
(iii) Auditor independence , and outrightly prohibits any non audit work which can be carried out
by an independent auditor.
(iv) Prohibits personal loans to directors of the companies
(v) Accelerated reporting of insider trading
(vi) It also requires public companies to have an indepedent audit committee to oversee the
relationship between auditor and the company
(vii) Enhanced criminal and civil liabilities for any violations.
Company law in india
The document discusses the history and key aspects of company law in India. It provides details on the Indian Companies Act 1956 and highlights some of the major changes and new features introduced in the Companies Act 2013, including allowing cross-border mergers, introducing dormant companies and the National Company Law Tribunal, mandating at least one woman director for certain companies, and increasing shareholder rights and corporate governance standards. The 2019 amendment act further refined some aspects like unspent CSR funds.
Corp gov india-0206
The document provides an assessment of corporate governance practices in India from the perspective of international investors. It finds that while India's regulatory framework is above average compared to other emerging markets, enforcement is still weak. Overall, corporate governance has improved among large companies primarily due to globalization rather than regulations. However, the pace of change is slower in smaller, unlisted companies and government-controlled firms. Further improvements require stronger enforcement, increased shareholder activism, and legal reforms.
SEBI ACT 1992.pptx.pptx
The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity markets in India. It was established in 1988 and given statutory powers through the SEBI Act in 1992. SEBI regulates the securities market, monitors capital markets, and protects investor interests by enforcing rules and regulations. Its objectives include protecting investors, preventing malpractices, and ensuring the fair and proper functioning of capital markets.
Corporate governance
This document discusses corporate governance in India and SEBI regulations. It defines corporate governance and outlines corporate governance norms. It describes how corporate governance has evolved in India, the role of the Securities and Exchange Board of India (SEBI) in implementing regulations like Clause 49, and the major changes Clause 49 introduced around board independence, disclosures, and other matters. The conclusion states that as Indian companies compete globally, adhering to world-class corporate governance standards has become essential.
Sebi powerpoint presentation
This ppt is about securities and exchange board of India. it is helpful for ca foundation students, B.com professional accounting and also helpful for people who want to learn about sebi
Overview of IBC, 2016.pptx
The document provides an overview of the Insolvency and Bankruptcy Code 2016 in India. Some key points:
- The IBC 2016 consolidates existing insolvency-related laws in India into a single code to provide a uniform, comprehensive insolvency legislation.
- It introduces a time-bound insolvency resolution process for companies, limited liability partnerships, and individuals with the goal of maximizing value of assets.
- The code establishes new regulatory institutions like the Insolvency and Bankruptcy Board of India, Insolvency Professional Agencies, and Information Utilities to facilitate its implementation.
- Licensed Insolvency Professionals will manage insolvency resolution and liquid
Business English
National Company Law Tribunal (NCLT) is a quasi-judicial body that deals with issues arising within companies in India. It was established in 2016 by the central government to reduce the workload of high courts. NCLT has 16 benches across India and handles matters like arbitration, compromise, winding up of companies, and reconstruction of companies. It is comprised of a president, judicial members, and technical members appointed by the central government. NCLT has the power to convert company types, freeze assets, hold meetings, and oversee financial accounts. It replaced the previous Company Law Board to provide faster and more accessible justice for corporate issues.
corporategovernance & SEBI.pdf
This document provides an overview of corporate governance in India and regulations put in place by the Securities and Exchange Board of India (SEBI). It defines corporate governance and outlines its importance. It then discusses the evolution of corporate governance norms and practices in India. It also explains SEBI's role in reforming the stock market and introducing Clause 49, which strengthened corporate board independence and transparency requirements for publicly listed companies. The changes mandated by Clause 49 including increasing the role of independent directors and requirements around disclosures, internal controls and whistleblower policies.
Legal Compliance Management Systems - Companies Act, 2013
The document discusses the challenges that companies face in complying with India's Companies Act of 2013 regarding legal compliance management systems (LCMS). It notes that sections 134 and 205 of the Act require boards of directors and company secretaries to develop and ensure proper functioning of LCMS for over 500 applicable acts in India as well as foreign legislations depending on international operations. It provides an overview of developing and reviewing a robust LCMS, including conducting a gap analysis, establishing compliance policies and procedures, maintaining an inventory of applicable compliances, and independent auditing of legal compliance.
SEBI
The document summarizes the establishment and functions of the Securities Exchange Board of India (SEBI). SEBI was established in 1988 as a non-statutory body and became a statutory body in 1992 with the passing of the SEBI Act. The SEBI Act established SEBI as the regulator of the securities market in India and granted it powers to regulate stock exchanges, brokers, and other market intermediaries. The objectives of SEBI include protecting investor interests and promoting an orderly securities market.
Historical development of insolvency and bankruptcy law
This document provides an overview of the historical development of insolvency and bankruptcy laws in India. It discusses how the earliest laws were introduced under British rule in the 1800s and traces developments over time, including key reports and committees that shaped reforms. Major milestones discussed include the Presidency Towns Insolvency Act of 1909, the Provincial Insolvency Act of 1920, the Sick Industrial Companies Act of 1985, and recommendations of committees in the 1990s-2000s that led to the Insolvency and Bankruptcy Code of 2016.
Corporate governance in india
Corporate Governance is one of the important criteria for foreign institutional investors to decide on which company to invest in. The corporate practices in India emphasize the functions of audit and finances that have legal, moral and ethical implications for the business and its impact on the shareholders
In this presentation i have collected all theories portion for the students as well as teacher
Similar to Sarbanes Oxley Act, 2002 (20)
Unit-10- Overview of the securities and exchange board of India Act, 1992.pptx
Unit-10- Overview of the securities and exchange board of India Act, 1992.pptx
Corporate governance in india & sebi regulations
Corporate governance in india & sebi regulations
please explain in detail What is the PCAOB Please explain what is t.pdf
please explain in detail What is the PCAOB Please explain what is t.pdf
Legal Compliance Management Systems - Companies Act, 2013
Legal Compliance Management Systems - Companies Act, 2013
Historical development of insolvency and bankruptcy law
Historical development of insolvency and bankruptcy law
Sarbanes Oxley Act, 2002
- 1. Sarbanes-Oxley Act 2002 “A strong Law comes only after failure of the system…” Rohan Loya CA Final Student
- 2. Loopholes Created the Need for a Powerful Law Weakness of the Internal Control Mechanisms Non disclosures in Financial Reports Less Transparent Corporate Governance.
- 3. • Officially titled – “Public Company Accounting Reform and investor Protection Act of 2002.” • An act to protect investors. • This Act requires full disclosure on just about everything. • Applicable to incorporations listed in US Stock Exchange.
- 4. Why we need to know about SOX...? A person who is awake in those that sleep…
- 5. Why SOX not required for Indian Companies...? As India already has :- Companies Act, 1956 Securities Exchange Board of India, 1992 Chartered Accountants Act, 1949
- 6. The 66-Pages Sarbanes-Oxley Act contains 11 TITLES and 69 Sections… Let us begin with the Comparative Analysis between SOX & the Indian Laws……..
- 7. • ICAI • 10 Years • Public Company Accounting Oversight Board (PCAOB) • 7 Years Board Audit Working Papers
- 8. • 31 AS instituted by ICAI • Peer Review • Originally without statutory backing. After SOX governed by Board. • Periodically depending on number of Audits. Financial Standards Inspection
- 9. • Registered firms allowed to perform attestation functions. • The matter still under Discussion. • Same rules will apply as applicable to US Firms. • In every 5 Years. Foreign Accounting Firms Audit Partner Rotation
- 10. • Schedule VI - Notes to Accounts. • Section 274 of Companies Act,1956. • All Material Correcting Adjustments. • Authority with the Commission. Periodic Reports Prohibit persons from serving as Officers & Directors.
- 11. Indian Corporate Laws in a confident hand shake with Sarbanes Bill…!!! Provisions in Sarbanes Bill parallels the move that have already been made by ICAI.
- 12. “Indian laws are known as spider webs through which big flies pass and the little ones get caught...” Additional provisions in SOX which we need in India are :- • White Collar Crime Penalty Enhancements • Real time Disclosures • Penal Provisions for Auditors
- 13. CLAUSE 49…A move by India GOOD CORPORATE GOVERNANCE IS SIMPLY GOOD BUSINESS…!!! • Independence of Directors. • Roles & responsibilities of Board. • Accountability of Top Management. • Roles & responsibilities of Audit Committee. • Disclosure requirements. • Accountability of Top Management.
- 14. “Let us become the generation that looks forward to the beginning of a new week much more than a weekend…” Thank You…!!