Business Studies

The Sarbanes-Oxley Act, $$2002$$ was enacted and passed in USA to _________.


ANSWER

punish those who committed accounting frauds in the late $$1990s$$


SOLUTION
The U.S. Congress passed the Sarbanes-Oxley Act $$2002$$, also known as the Corporate Responsibility Act of $$2002$$, mandated strict reforms to improve financial disclosures from corporations and prevent accounting fraud.
$$SOX$$ protects employees that report fraud and testify in court against their employers. Companies are not allowed to change the terms and conditions of their employment. They can't reprimand, fire, or blacklist the employee. $$SOX$$ also protects contractors. Whistle blowers can report any corporate retaliation to the $$SEC.$$
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