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What is the Sarbanes-Oxley Act (SOA)?

April 26, 2017ACT Sarbanes-Oxley SOA

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What is the Sarbanes-Oxley Act (SOA)?

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Congress passed the Sarbanes-Oxley Act (SOA) of 2002 after the highly publicized corporate accounting scandals at Enron, Tyco, and Worldcom. SOA was created to make corporate executives more responsible for their companies’ financial statements. SOA requires companies to follow strict accounting practices to avoid large fines and, in some cases, prison sentences.