SOX compliance and not-for-profits.
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Adhering to the Sarbanes Oxley Act is only required for publicly traded companies. There has been a lot of discussion as to whether not-for-profit organizations should voluntarily follow the act. NYS Attorney Eliot Spitzer also issued a press release in 2003 stating that not-for-profit organizations should also follow the act. Are there specific practice points that should be followed? Which ones should?
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Solution Summary
The solution explains how SOX compliance should be a part of not-for-profit organizations.
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Non-profits should adhere to the act because it functions the same as with for profits. The main point of the entire act is to create transparency within organizations. The act requires that the financial statements of organizations adhere to certain principles. By doing so, the financial information is considered to be transparent, which increases the reliability ...
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