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Purpose and Importance of Sarbanes Oxley Act

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What are your thoughts regarding SOX? Did it deter fraud? Was it necessary?

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Solution Summary

This solution discusses the Sarbanes Oxley Act and its role in Fraud prevention.

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The Sarbanes Oxley Act was enacted to ensure that there is transparency in the corporate sector. As a result, companies are required to provide full disclosure of information when asked of them. The act came about as a result of investors being affected by the way corporations provided their services. Therefore, the purpose of the act was to protect investors from fraudulent accounting practices by those corporations.

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Solution provided by:
Carmel Philistin, MBA/HCM
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  • BA, Brooklyn College
  • MBA/HCM, Phoenix University
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