When the  sarbanes oxley act  has to be implemented in true letter and spirit, it is essential that the auditors of the firm are fully aware of the provisions of the act. Practically, all the provisions deal with the kind of disclosures that have to be made by the corporate sector in their financial dealings. If this is not done at the right time and by the right person, there is every possibility that there will be a lot of penalties that will have to be borne by the organization that does not implement the sarbanes oxley act.