How Sarbanes-Oxley Affects Associations

The Sarbanes-Oxley (SOX) bill, introduced by Sen. Paul Sarbanes, D-Md., and Rep. Michael Oxley, R-Ohio, was enacted in 2002 to increase corporate responsibility and to curtail accounting scandals. But the impact of the legislation is not limited to public companies, its main target.

The only direct effects of SOX on associations relate to document destruction and “whistleblower” protections, explains Joshua Grimes, an attorney who works with associations. However, because many associa

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