Untitled Document
Workshop Report
The theme of third session was 'Sarbanes-Oxley Act and Corporate Governance: Lessons for Indian Companies'. Dr. Suveera Gill welcomed the lead speaker Mr. Nitin Aggarwal. The enactment of Sarbanes-Oxley Act, 2002 in the USA has been a notable development and has been debated extensively in India and other countries for bringing about excellence in corporate functioning. She informed the participants that the objective of the session was to throw light on the notable aspects of the US enactment and the lessons to be drawn by Indian companies to cope up with the ongoing global reforms in corporate sector, regulatory framework and governance practices.
In United States (US) the Sarbanes Oxley Act, 2002 came into force in the wake of collapse of corporate giants like Enron, Tyco, Global Crossings and WorldCom. Senator Paul Sarbanes and Michael Oxley drafted the Act for public companies based in the US. The main object of the Act is to restore the confidence of investors by providing for effective corporate governance and preventing corporate frauds and misfeasance in companies. He highlighted the important sections of the Act covering public company accounting oversight board, audit committee, corporate responsibility, penalties, independent directors, financial disclosures and auditor independence.