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When the Sarbanes-Oxley Act was enacted on July 30, 2002, it profoundly changed the regulatory environment for publicly traded companies in the...
When the Sarbanes-Oxley Act was enacted on July 30, 2002, it profoundly changed the regulatory environment for publicly traded companies in the United States. The law was passed in reaction to the accounting scandal at Enron Corp. which forced the firm to file bankruptcy in December 2001 and which led to the obstruction of justice conviction and subsequent demise of accounting firm Arthur Andersen. Known as SOX, the act consists of 11 sections covering topics such as corporate governance, financial reporting, civil and criminal liability, and regulatory structure (Moran, 2013).
