 Bismillah al-Ghwaneem and As-Salaam alaikum ladies and gentlemen, we are back to corporate governance and today we are going to be looking at the Turbanes-Oxley Act 2002 and its relevant clauses and promulgating sections which affect corporate governance. Now again ladies and gentlemen, we are seeing that since the past 30 years developments have been taking place on a local, national, regional and also a global level. And the Turbanes-Oxley Act of 2002 is a very important juncture whereby it stipulated new advances in the context of corporate governance. Now when we look at the Turbanes-Oxley Act then we basically see that the basis of this particular act was that corporate America had been blotted with many scandals in the recent time. So, what we see is that in that period we see that there were different episodes and incidents of scandals which was resulting in a lot of sense of insecurity and also the fact that the shareholder conference or investor conference was depleting itself. Now what we see ladies and gentlemen is that despite the fact that there have been differences between recent scandals and early ones, there is a common thread running in between them. So, there was this common thread which basically existed and the common thread is that governance matters that is good governance promotes good corporate decision making. So, what we see ladies and gentlemen is that through corporate governance we see that better decision making is taken and that tends to ensure the longevity and the sustainability of the corporate enterprise and that is extremely important ladies and gentlemen. The Turbanes-Oxley Act calls for protection for those who have the courage to bring fraud to the attention. So, again we see that it gave protection to the whistleblower, it encouraged whistleblowers and again through this particular act it ensured that if anyone would see some irregularity it would come to the notice of the board and also to the authorities. For corporations to appoint an officer with the responsibility to oversee compliance and ethical issues. So, again the act called upon the different corporations to have a dedicated officer who would oversee compliance and ethical issues and then effective corporate governance only with strategic planning and willingness of the shareholders. So, that is also very important that again we see that to make corporate governance effective it becomes very pertinent and imperative that there is strategic planning and again there is a willingness of the shareholders to move forward accordingly. The Turbanes-Oxley Act which is also called the SOX Act is a sincere attempt to address all the issues associated with corporate failures to achieve quality governance and restore investment content. So, again we see that so many debacles, so many disorientation and so much of failures existed. So, it was basically to create as a buffer whereby this would not be happening and it would be ensured that there is more sustainability of organizations. The Act was formulated to protect investors by improving the accuracy and reliability of corporate disclosures made precious to the security laws and for other purposes. So, again this is a very important aspect that the Act protected the small investor and the large investor and ensure that there is proper disclosure and transparency in all of its financial transactions and the various frameworks which are being practiced. The Act contains a number of provisions that dramatically change the reporting and corporate director's governance obligations of public companies to its officers and to its directors. So, what we see ladies and gentlemen is that this Act basically again tends to reinforce the reporting mechanism and ensure that proper reporting is done through a multi-tier approach and also the fact that how the different corporate directors can ensure that there is governance obligations and also the fact the relationship between the different segments of the organization also come into play which resulted in ladies and gentlemen the establishment of public company accounting oversight board the PCAOB a new board consisting of five members of whom two will be certified public accounts. So, again we see that this new board was created to have an oversight on companies to ensure that accounting mechanisms are done properly and also the fact that it would have at least two certified public accountants. All accounting firms will have to register themselves with this particular board the fees received from the public company clients financial information about the firm list of firm staff who participate in audit quality control policies information on civil criminal and decimally proceeding. So, what we see that this board very a very multifarious a very well professionally attuned and calibrated board was created where by all of these different things would be practiced by the board to ensure that there will be more transparency and more clarity and more accountability and more integrity within the organization and again to ensure that no one could have a role in undermining the organization which is very important and therefore all information related to criminal civil and decimally proceedings would also be reported to that particular board and would ensure that there is more transparency and again the board would conduct annual inspections once in three years and the board would establish rules governing quality control ethics independence and other standards. So, these were the main forays for the particular board and again the responsibility of the board which would reinforce and augment corporate governance as a whole and more holistically to a 360 degree approach. The board reports to the SEC the securities exchange commission the board is required to send support to the SEC annually and will then send it to the congress. So, again the stake of response was increased that the board the securities exchange commission and the congress. So, again making every player a part of the process to therefore make sure that there is more stability within the economy and that is the very essence of corporate governance. Thank you so much.