The Sarbanes-Oxley Act is an act passed by the U.S. House of Representatives in 2002. The act covers issues such as auditor independence, corporate responsibility and establishes new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is considered as one of the most significant changes in United States securities laws. The act was designed to review all legislative audit requirements. The act gives additional powers and responsibilities to the U. S. Securities and Exchange Commission.
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