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Sarbanes-Oxley (SOX) Act of 2002

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Sarbanes-Oxley Act gives protection to the employees, shareholders and the general public from any fraudulence practices and error in accounting practices. It is passed in 2002 by the United States Congress to protect the accuracy of corporate disclosure, banned executive loans by the company and whistleblower job protection. The act is created with the goal of better corporate governance and accountability. For the same, it can hold the CEO of the company accountable to the faults in accounting audits.
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