Sarbanes Oxley
Sarbanes Oxley (also knows as SOX) is the law enacted by the U. S. Congress in 2002 in the wake of the Enron, Tyco and WorldCom scandals which strengthened financial disclosure and reporting requirements for publicly held companies. Sarbanes Oxley imposes stiff civil and criminal penalties for both management and independent auditors for misleading or inaccurate reporting, and it requires a higher level of responsibility from senior management as to the fairness of information reported in required disclosures.
