what is the implication of sarbanes oxley act
The Sarbanes Oxley Act (also known as SOX) created a new agency, the Public Company Accounting Oversight Board (or PCAOB) to oversee the auditors of public companies. The PCAOB is overseen by the Securities and Exchange Commission (SEC) and consists of five full-time members.his law set new and enhanced standards for public companies and the boards, management and accounting firms. The Sarbanes Oxley Act also brought about considerable changes to the financial reporting and auditing practices of public companies.