What are some of the rules SOX changed/introduced?
- new auditing rules (partner rotation; separation of audit and non-audit services)
- new rules for audit committees (independent, but part of BOD; one must be financial expert; oversee external auditors)
- new rule for management (responsibility for fairness and review of financial statements; resp. for sharing material IC weaknesses and fraud w/ auditors)
- new IC requirements (establishing and maintaining adequate IC system).