The American Competitiveness and Corporate Accountability Act of 2002, also known as the Sarbanes-Oxley Act. Financial controls and audits must be tightened as a result of Sarbanes-Oxley, and CEOs and CFOs must sign off on the accuracy and truthfulness of financial reports. SOX Section 404, in particular, is concerned with verifying the effectiveness of controls for detecting fraudulent, dubious, or unlawful activities that could have an impact on financial statements.
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