Sarbanes-Oxley Act Provisions with Implications for Government

• New audit standards and oversight—PCAOB

• Audit committees with defined responsibilities

• Specific communications between auditors and audit committees

• CEO and CFO certification of financial reports

• Enhanced disclosures of off-balance sheet transactions

• Code of ethics for senior financial officers

• Management attestation on the effectiveness of internal control over financial reporting

• Auditor opinion on the effectiveness of internal control over financial reporting