In recent years, the financial misdeeds of various high-profile executives have prompted the creation of the U.S. Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley) to regulate corporate behavior. This law focuses on corporate financial reporting and is designed to hold executives, accountants, and auditors of public corporations to higher standards. It helps create a system of checks and balances that may not have been present before - at least in some corporations. Sarbanes-Oxley only directly affects public corporations at this time. However, it indirectly affects associated private companies as well. Given this, both public and private companies alike must have a complete understanding of Sarbanes-Oxley to ensure that their daily business practices are aligned to its specific requirements.
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