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Sarbanes-Oxley Act (SOX)
US legislation enacted in response to the accounting and corporate scandals of 2001–2002, including Enron’s collapse. The Act was named after Senator Paul Sarbanes and Representative Michael Oxley and is arranged in 11 titles. Compliance with provisions of the Act is mandatory. The Sarbanes-Oxley Act of 2002 established the duties of a firm’s board of directors, as well as advising on auditing and other business requirements.
The SOX is generally considered the single most important piece of legislation affecting corporate governance, financial disclosure, and public accounting since the US securities laws enacted in the 1930s. The Act is often referred to variously as SOX, S-O or SOA.