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Sarbanes-Oxley (SOX) Rules

Can you help find me a recent example where SOX rules have "saved" a company or the general public from a loss.

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Can you help find me a recent example where SOX rules have "saved" a company or the general public from a loss?

SOX is the short form of the Sarbanes-Oxley Act of 2002 which is a legislation enacted in response to the high-profile Enron and WorldCom financial scandals in order to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise. It is administered by the Securities and Exchange Commission (SEC), which sets the deadlines for compliance and publishes rules on requirements. SOX is not a set of business practices and does not specify how a business should store records but rather it defines which records are to be stored for how long. The Sarbanes-Oxley Act states that all business records, including electronic records and electronic messages, must be saved for not less than five years and the ...

Solution Summary

The solution discusses an example where SOX rules have 'saved' a company from loss. References included.

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