What is Sarbanes Oxley? The Sarbanes-Oxley Act was signed into law in July 2002 in response to corporate scandals and is considered to be the most influential change to federal securities laws. Major provisions of the Act include certification of financial reports by CEOs and CFOs, a ban on personal loans to Executive Officers and Directors, public reporting of CEO and CFO compensation and profits, criminal and civil penalties for securities violations, and an internal audit function for US companies, which will need to be certified by external auditors. Go to http://www.compasspoint.org/boardcafe/details.php?id=13
to read further about this act and its affect on nonprofit organizations.