The Sarbanes-Oxley Act of 2002 (often-times referred to as
"SOX") is named after Senator Paul Sarbanes and Representive
Michael Oxley.
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Consequently the U.S. Congress responded by passing the
Sarbanes-Oxley Act (SOX) of 2002 in an attempt to restore investor
confidence.
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Often called SOX, the Sarbanes Oxley Act was introduced in 2002
to oversee the regulations of finances at companies. It was enacted
because of the problems and scandals uncovered and encountered at
Enron and Worldcom.
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Sarbanes-Oxley Act (SOX) of 2002. SOX transferred the regulation
of accountants auditing the financial statements of public
corporations from the AICPA to the Public Companies Accounting
Oversight Board (PCAOB), a new private sector, not-for-profit
body.
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The intent of these elements of Sarbanes-Oxley is to reduce the
likelihood that material fraud will go undetected.