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Sarbanes-Oxley Act

From Longman Business Dictionary
Related topics: Finance, Law
Sarbanes-Oxley ActSar‧banes-Ox‧ley Act /ˌsɑːbeɪnz ˈɒksli ˌæktˌsɑːrbeɪnz ˈɑːks-/ noun LAWACCOUNTING a US law that controls the way all US public companies keep and check their financial accounts. Under the law, companies must send a yearly report to the securities and exchange Commission showing that the financial accounts are correct and true in every detail. The law was introduced in 2002 after a financial scandal involving several large US companies, in particular Enron. It is often informally called SOX
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