A U.S. federal law enacted to strengthen corporate governance, financial reporting, and internal controls following major accounting scandals. The Sarbanes-Oxley Act (SOX) requires publicly traded companies to establish, maintain, and assess effective internal controls over financial reporting, with senior executives responsible for certifying the accuracy of financial statements. SOX also imposes requirements on external auditors and corporate recordkeeping to improve transparency, accountability, and investor confidence. Although it primarily applies to U.S. public companies, many private organizations adopt SOX-inspired control frameworks as a best practice or to meet customer, investor, or regulatory expectations.
Sarbanes-Oxley Act of 2002 (SOX)
A US law strengthening corporate governance and requiring public companies to maintain and certify internal controls over financial reporting.
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Related Glossary Terms
The official compilation of permanent U.S. federal laws, providing the statutory basis for many contracting requirements.
A global classification system used to categorize products and services for procurement and spend analysis.
A unique 12-character identifier assigned via SAM.gov to organizations doing business with the federal government, replacing the DUNS number.
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