![]() ![]() The act came as a result of several high-profile corporate fraud cases and was designed to deter corporations from committing similar crimes. The Sarbanes-Oxley act is important because it provides greater oversight for corporations. Most of the act's regulations apply to publicly held companies, but some provisions also apply to certain private businesses. In addition to regulations, the act created the Public Company Accounting Oversight Board to oversee the accounting industry. The Sarbanes-Oxley Act affects many organizations and financial professionals, including: The act is named after its creators, Senator Paul Sarbanes and Representative Michael Oxley. The Sarbanes-Oxley (SOX) Act of 2002, also known as the Corporate Responsibility Act, is legislation aimed at improving financial activities and financial reporting. In this article, we discuss the Sarbanes-Oxley Act, why it's important and several main features of the legislation. The regulations focus on ensuring accuracy, timeliness and accountability. The Sarbanes-Oxley Act of 2002 was introduced to address key issues in financial reporting among businesses. ![]()
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