question content area the sarbanes-oxley act applies only to companies whose stock is traded on public exchanges. true false

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08-11-2022
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question content area the sarbanes-oxley act applies only to companies whose stock is traded on public exchanges. true false

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akankshasharma92 akankshasharma92 · Answer 1 · 2022-11-11T10:24:26+01:00

It is TRUE that, The Sarbanes-Oxley Act applies only to companies whose stock is traded on public exchanges.

The Sarbanes-Oxley Act of 2002 was enacted by the US Congress on July 30 of that year in an effort to safeguard investors from corporate financial reporting that was false or misleading. The SOX Act of 2002, also known as the Dodd-Frank Act, required stringent updates to current securities laws and imposed severe new penalties on offenders.

In response to early 2000s financial scandals involving publicly traded businesses like Enron Corporation, Tyco International plc, and WorldCom, the Sarbanes-Oxley Act of 2002 was passed. Investor confidence in the reliability of corporate financial statements was shaken by the high-profile frauds, which prompted many to call for an update to the regulations' long-standing requirements.

Learn more about Sarbanes-Oxley Act, here

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