SARBANES-OXLEY ACT Definition

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SARBANES-OXLEY ACT (SOX) contains sweeping reforms for issuers of publicly traded securities, auditors, corporate board members, and lawyers. It adopts tough new provisions intended to deter and punish corporate and accounting fraud and corruption, threatening severe penalties for wrongdoers, and protecting the interests of workers and shareholders. The Sarbanes-Oxley Act of 2002, was signed into law by US President George W. Bush and became effective on July 30, 2002.

Learn new Accounting Terms

FINISHED GOODS INVENTORY (FGI) is that portion of goods in inventory which have completed manufacture and are available for sale.

TAX SHELTER are legal methods taxpayers can use to reduce tax liabilities. An example is the use of depreciation of assets.

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