I'm a new employee and hear colleagues refer to Sarbanes-Oxley. What is this?
The Sarbanes-Oxley Act, also called Sarbox or Sox, is a U.S. law passed in 2002 in response to corporate malfeasance. Its purpose is to change how companies report finances and to enhance senior management accountability. It applies to not only U.S.-based public companies but also foreign companies traded publicly in the United States, as well as private companies considering going public or selling to a public company.
In the travel industry, the effect of Sarbanes-Oxley is to encourage corporate travel managers to redefine
travel and meeting policies, reexamine reporting practices and set internal controls that restrain expense abuses.
