The Sarbanes-Oxley Act of 2002 provides rules related to the creation of financial statements to help avoid fraud .
Federal legislation known as the Sarbanes-Oxley Act of 2002 established stringent financial and auditing standards for publicly traded companies. To help shield shareholders, employees, and the general public from accounting mistakes and dishonest financial practices, legislators created the legislation.
The law imposes stringent reforms to enhance corporate financial disclosures and stop accounting fraud. Additionally, it addresses topics like improved financial disclosure, corporate governance, internal control evaluation, and auditor independence. An Internal Controls Report is a requirement of the Sarbanes Oxley Act for all financial reports. This demonstrates that a company's financial data is accurate and that sufficient controls are in place to protect it. Also necessary are year-end financial disclosure reports.
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