Sarbanes-Oxley Act, popularly known as the SOX Act, was made to protect shareholders and the public from accounting errors as well as fraudulent practices in companies by improving the accuracy of corporate disclosure. It is essential to bring transparency in corporate governance and formalize a system of checks and balances...
The US federal law passed the SOX Act, which states that the public companies in the US must comply with the regulation. SOX compliance requires companies to identify and test their internal controls over their financial reporting process and submit specific financial certifications to the Securities and Exchange Commission (SEC)...