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The Sarbanes-Oxley Act Of 2002 (SOX)

416 Words2 Pages
Abstract On July 25, 2002, Congress passed the Sarbanes-Oxley Act of 2002 (SOX) in reaction to a series of financial accounting scandals involving companies like Enron, Tyco and WorldCom. SOX Act is a direct result of the legislature reaction to the above mentioned scandals. This paper presents the objective and main components of the SOX, criticism of SOX. The paper also deals with the economic impact of SOX and whether SOX met its goals. Sarbanes-Oxley Act of 2002 The Sarbanes-Oxley Act (SOX) legislation came into being on July 30th of 2002 and brought about major changes to corporate governance and financial practice in the United States. The Act was developed in response to a rash of corporate scandals involving companies like Enron,
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