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Title: How Sarbanes Oxley Has Affected Gas Measurement In Distribution And Pipeline Systems
Author: Ardis Bartle
Source: 2006 International School of Hydrocarbon Measurement
Year Published: 2006
Abstract: Also known as the Public Accounting Reform and Investor Protection Act, Sarbanes-Oxley(SOX) is a name of the piece of U.S. compliance legislation which was signed off in 2002. Its designed to prevent financial malpractice and accounting scandals such as the Enron debacle. The most relevant , Section 404 of SOX (Management Assessment of Internal Controls) determines the companys internal system of checks and balances. Any public company with stock worth more than 75 million must issue such information in their annual reports. By providing transparency to financial reporting, this overhaul legislation will reduce the string of corporate implosions, earnings restatements and subsequent criminal probes that put thousands of workers out on the street, cost billions of dollars and has led to more than 300 convictions and guilty pleas (according to Justice Department). The Act covers a whole range of governance issues, many covering the types of trades that are allowed within a company, with an emphasis on keeping everything above board. For example, SOX forbids personal loans to officers and directors. Other parts of the Act regulate the responsibilities of the audit committees sent in to check the health of companies compliance.

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