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Sarbanes-Oxley Act SOX

As a result of the Enron failure, this act was passed to make accounting firms more responsible for the problems of the corporations.Their job is no longer to remain silent accountants. They are now held responsible along with corporate officers for misconduct and failure to report problems with the corporations in which they have knowledge. The Sarbanes-Oxley Act of 2002 (SOX) is an act passed by U.S. Congress in 2002 to protect investors from the possibility of fraudulent accounting activities by corporations. The SOX Act mandated strict reforms to improve financial disclosures from corporations and prevent accounting fraud.

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Sarbanes-Oxley Act SOX
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