SUMMARY / RELATED TOPICS

Sarbanes–Oxley Act

The Sarbanes–Oxley Act of 2002 known as the "Public Company Accounting Reform and Investor Protection Act" and "Corporate and Auditing Accountability and Transparency Act" and more called Sarbanes–Oxley or SOX, is a United States federal law that set new or expanded requirements for all U. S. public company boards and public accounting firms. A number of provisions of the Act apply to held companies, such as the willful destruction of evidence to impede a federal investigation; the bill, which contains eleven sections, was enacted as a reaction to a number of major corporate and accounting scandals, including Enron and WorldCom. The sections of the bill cover responsibilities of a public corporation's board of directors, add criminal penalties for certain misconduct, require the Securities and Exchange Commission to create regulations to define how public corporations are to comply with the law. In 2002, Sarbanes-Oxley was named after bill sponsors U. S. Senator Paul Sarbanes and U. S. Representative Michael G. Oxley.

As a result of SOX, top management must individually certify the accuracy of financial information. In addition, penalties for fraudulent financial activity are much more severe. SOX increased the oversight role of boards of directors and the independence of the outside auditors who review the accuracy of corporate financial statements; the bill was enacted as a reaction to a number of major corporate and accounting scandals, including those affecting Enron, Tyco International, Peregrine Systems, WorldCom. These scandals cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the US securities markets; the act contains eleven titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, requires the Securities and Exchange Commission to implement rulings on requirements to comply with the law. Harvey Pitt, the 26th chairman of the SEC, led the SEC in the adoption of dozens of rules to implement the Sarbanes-Oxley Act.

It created a new, quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, charged with overseeing, regulating and disciplining accounting firms in their roles as auditors of public companies. The act covers issues such as auditor independence, corporate governance, internal control assessment, enhanced financial disclosure; the nonprofit arm of Financial Executives International, Financial Executives Research Foundation, completed extensive research studies to help support the foundations of the act. The act was approved in the House by a vote of 423 in favor, 3 opposed, 8 abstaining and in the Senate with a vote of 99 in favor and 1 abstaining. President George W. Bush signed it into law, stating it included "the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt; the era of low standards and false profits is over. In response to the perception that stricter financial governance laws are needed, SOX-type regulations were subsequently enacted in Canada, South Africa, Australia, Japan, Italy and Turkey.

Debates continued as of 2007 over the perceived benefits and costs of SOX. Opponents of the bill have claimed it has reduced America's international competitive edge against foreign financial service providers because it has introduced an overly complex regulatory environment into US financial markets. A study commissioned by NYC Mayor Michael Bloomberg and US Sen. Chuck Schumer, cited this as one reason America's financial sector is losing market share to other financial centers worldwide. Proponents of the measure said that SOX has been a "godsend" for improving the confidence of fund managers and other investors with regard to the veracity of corporate financial statements; the 10th anniversary of SOX coincided with the passing of the Jumpstart Our Business Startups Act, designed to give emerging companies an economic boost, cutting back on a number of regulatory requirements. Public Company Accounting Oversight Board Title I consists of nine sections and establishes the Public Company Accounting Oversight Board, to provide independent oversight of public accounting firms providing audit services.

It creates a central oversight board tasked with registering auditors, defining the specific processes and procedures for compliance audits and policing conduct and quality control, enforcing compliance with the specific mandates of SOX. Auditor Independence Title II consists of nine sections and establishes standards for external auditor independence, to limit conflicts of interest, it addresses new auditor approval requirements, audit partner rotation, auditor reporting requirements. It restricts auditing companies from providing non-audit services for the same clients. Corporate Responsibility Title III consists of eight sections and mandates that senior executives take individual responsibility for the accuracy and completeness of corporate financial reports, it defines the interaction of external auditors and corporate audit committees, specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports. It enumerates specific limits on the behaviors of corporate officers and describes specific forfeitures of benefits and civil penalties for non-compliance.

For example, Section 302 requires that the company's "principal officers" (typically the Chief Ex

Queensland under-20 rugby league team

The Queensland Under-20 rugby league team known as Queensland Under-20s or Queensland U20, represents Queensland in the sport of rugby league at an under-20 age level. Since 2012, the team has played an annual fixture against the New South Wales Under-20s team for the Darren Lockyer Shield; the team features players selected from the NRL, Intrust Super Cup, Canterbury Cup NSW, Hastings Deering Colts and Jersey Flegg Cup competitions. They are administered by the Queensland Rugby League. Prior to the advent of the National Youth Competition, junior interstate matches were contested at under-17 and under-19 levels. In 2008, the age levels switched to an under-16 and under-18 format but no under-20 game was held until 2012. In March 2012, the first under-20 Origin match was announced by the National Rugby League; the NRL had been looking into running the match for more than 18 months. In 2007, then-Gold Coast Titans managing director Michael Searle suggested an under-20 Origin series as a curtain raiser to the three senior State of Origin games.

Former Queensland representative and current Queensland Origin coach Kevin Walters was named as inaugural coach of the Queensland under-20 team. From 2012 to 2014, the under-20 Origin fixture was held on the Representative Weekend. In 2015, the game was moved to July as a curtain-raiser to State of Origin. In April 2017, Queensland legend Justin Hodges was named as head coach of the side. In 2018, they recorded their first win in the fixture, defeating New South Wales 30-12 at Suncorp Stadium. On 16 November 2018, assistant coach and former Queensland representative Scott Prince took over as co-head coach, alongside former Brisbane Broncos women's head coach Paul Dyer, after Hodges was elevated to assistant coach of the senior Queensland side. Players selected for the Queensland under-20 team are under contract with a National Rugby League side and play in either the NRL, Intrust Super Cup, Canterbury Cup NSW, Hastings Deering Colts or Jersey Flegg Cup competitions. Since 2013, the QRL has selected a pre-season under-20 squad featuring players in contention for the mid-season fixture.

The squad participates in a weekend camp at the Queensland Academy of Sport. The 24-man training squad selected for the 2020 season: Played as a curtain raiser to the Samoa-Tonga Pacific Rugby League test match. Played as a curtain raiser to the Samoa-Fiji Pacific Rugby League test match. Played as a curtain raiser to Game III of the 2015 State of Origin series. Played as a curtain raiser to Game III of the 2016 State of Origin series. Played as a curtain raiser to Game I of the 2017 State of Origin series. Played as a curtain raiser to Game III of the 2018 State of Origin series. Played as a curtain raiser to Game III of the 2019 State of Origin series. Queensland state rugby league team Queensland Residents rugby league team Queensland under-18 rugby league team Queensland under-16 rugby league team Junior Kangaroos Australian Schoolboys rugby league team

Sayers (bakery)

Sayers the Bakers is the largest independent retail baker in the North West of England, established in 1912 in Liverpool. The retailer sells savouries and bakery products across over 150 stores, from Fleetwood in Lancashire down to Wrexham in Wales. Sayers remained a family run business until 1977, when it was sold to United Biscuits, again to Warburtons in 1990. Sayers was established in 1912 by Lylian Sayer, their first kitchen was based in a basement in Prescot Road, Old Swan and this moved to a second shop in County Road, Walton in 1922. In 1925, a larger bakery opened on Aintree Road in Bootle. In 1931, a further expansion moved the business to a larger location in Lorenzo Drive, Norris Green. Sayers remained a family business until 1977, when it was sold to United Biscuits. In 1990, it was sold again to a baking firm based in Bolton. Warburtons bought Hampsons, Sayer's sister company and other bakeries in their estate included Burneys of Rochdale, Spinks of Sharston, Parkers of Eccles, Burtons of Blackpool.

In May 1996, Warburtons sold all its bakers stores to Lyndale Foods. In 1997, the brand was expanded further when the Annes Shops chain of shops were bought from Roberts Bakery. In 2006, 183 jobs were lost at the site in Norris Green, with another two hundred jobs going in 2007. On 9 June 2008, parent company the Lyndale Group went into administration and the Norris Green, Liverpool site was closed immediately. In December 2019, Sayers entered administration, was bought by Karen Wood, forming a new company and Poundbakery Limited. Sayers is the biggest independent retail baker in the North West, has over 150 shops and 25 cafés from Fleetwood in the north to Wrexham in the south, Rhyl in the west to Halifax in the East; some of its shops have now changed to a sister brand, which sells similar products, but at a lower price. Sayers sells a range of cakes, sandwiches and bakery products. Sayers Webpage