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What is the Sarbanes-Oxley Act of 2002? Why was it enacted?
Sarbanes Oxley Act of 2002 or popularly known as SOX, is a US federal law which was enacted due to numerous corporate and accounting related scandals that rocked corporate world, such as those of Enron, Worldcom and numerous other companies. SOX contains 11 titles that specifies various requirements for financial reporting by public companies. The act, which came into force in 2002, introduced radical changes in the financial reporting regulations and corporate governance practice.
As mentioned above, the act was enacted in response to numerous corporate scandals that rocked US corporate world and shook investor confidence in public companies. Therefore, in order to restore investor's trust among public companies and to improve the transparency, accuracy and reliability of financial reporting of public corporations, the act was established so that companies can step up their efforts to ensure highest standards in terms of reliability, accuracy, ethics and transparency of financial reporting.
Sarbanes Oxley Act ensured that management and auditors of public corporations take increased responsbility and devote extra resources and efforts to ensure the integrity ...
Need help in preparing a 1100 word paper on What is the Sarbanes-Oxley Act of 2002?