SOX(Sarbanes Oxley) Reaction:

     The SOX seminar was conducted by Mr. Robbie Sia. Mr Sia first discussed the connection of automobile safety and SOX. Mr Sia argued that if one person was unable to put on his/her seatbelt everyone will be affected if ever and accident were to occur. SOX also has the same principles. It protects consumers and at the same time the stockholders. Sarbanes- Oxley or most commonly known as SOX is a federal law from the United States. It was been inaugurated in US on July 30, 2002. SOX is said to be “matter of control”. It helps regulates the the activities of companies in the U.S. Since a lot of companies here in the Philippines are American companies it is important for us to know what SOX is.

     The following are some benefits derived from implementing SOX:

• Better stakeholders

• Protection of company
• New opportunities for employment

      The main topic of the seminar was section 404 of the Sarbanes-Oxley Act. This section requires companies to allow external auditing and submit an internal control report. In this way the SEC can more effectively monitor the activities of a company. This section will also help the SEC detect fraudulent corporate financial reports.