The sarbanes-oxley (sox) act aims to reduce fraud by?

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27-07-2022
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The sarbanes-oxley (sox) act aims to reduce fraud by?

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-05T16:26:24+02:00

The Sarbanes-Oxley (SOX) Act aims to reduce fraud by reducing opportunities. In reaction to highly publicized corporate financial scandals, Congress passed Sarbanes-Oxley (SOX) Act in 2002.The act imposed more stricter recordkeeping standards and established strict new norms for accountants, auditors, and company leaders.

The act further increased the severity of punishments for breaking securities laws. SOX Act of 2002, it required stringent updates to current securities laws and placed severe new penalties on offenders. The high-profile fraud undermined investor faith in the reliability of corporate financial statements and prompted many to call for an update to long-standing regulatory norms.

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