Home » ECCouncil » 312-50v12 » This law is known by what acronym?
Widespread fraud ac Enron. WorldCom, and Tyco led to the creation of a law that was designed to improve the accuracy and accountability of corporate disclosures. It covers accounting firms and third parties that provide financial services to some organizations and came into effect in 2002. This law is known by what acronym?
A. Fed RAMP
B. PCIDSS
C. SOX
D. HIPAA
Correct Answer: C
Explanation/Reference:
Explanation:
The Sarbanes-Oxley Act of 2002 could be a law the U.S. Congress passed on July thirty of that year to assist defend investors from fallacious money coverage by companies.Also called the SOX Act of 2002 and also the company Responsibility Act of 2002, it mandated strict reforms to existing securities rules and obligatory powerful new penalties on law breakers.
The Sarbanes-Oxley law Act of 2002 came in response to money scandals within the early 2000s involving in public listed corporations like Enron Corporation, Tyco International plc, and WorldCom.
The high-profile frauds cask capitalist confidence within the trustiness of company money statements Associate in Nursingd light-emitting diode several to demand an overhaul of decades-old restrictive standards.
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