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Security Glossary of Terms

SOX

The Sarbanes-Oxley Act (SOX) is a set of regulations enacted in 2002 that governs the accounting of an organization. The act came in to practice when it was discovered that companies such as Enron were not accurately reporting their profits and loss, ultimately allowing their executives to make off with millions of dollars in corporate money. Under SOX, an organization must fully disclose its financial documentation for all government and taxation purposes, in an attempt to dissuade corporate fraud.



Last updated Thursday, 05-Apr-2012 12:16:20 MDT

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