If you are an American company, then you might be required to know about the Sarbanes Oxley act. If you are an American company and haven’t heard of it before, then you have already learnt something about it. It’s an act.
The Sarbanes Oxley act is an act that was signed into US law in 2002. The act was designed to try and stop companies doing what Enron and Worldcom did. Both of these companies announced that they had been running on fraudulent deals for several years. At that time, companies didn’t need to report their finance records to the government.
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