The Sarbanes-Oxley Act is the single most important piece of legislation affecting corporate governance, financial disclosure and the practice of public accounting since the USA security laws of the early 1930s. It is crystal clear that companies and the accounting profession have made tremendous progress in meeting the rigorous requirements of this legislation.
Sarbanes-Oxley establishes new and enhanced standards of all united public company boards, management, and public accounting firms. The Act is mandatory. All organizations, large and small must comply to. Among of its achievements are the introduction of major changes to the regulations of financial practice and corporate governance and setting a number of deadlines for compliance. Some of these deadlines are;” most public companies must meet the financial reporting certificate mandates for any end of year financial statements filed after November 15th 2004.