Explanation:The Sarbanes-Oxley Act is specifically enacted for the public corporations,it helps to prevent and put fraudulent activities in check,it was enacted following several corporate fraudulent scandals that occured between the year 2000 to 2002.
THE SARBANES-OXLEY ACT PUTS BASIC ETHICAL STANDARDS IN FINANCIAL MANAGEMENT AND REPORTING IN PUBLIC CORPORATIONS AND CORPORATE SOCIAL RESPONSIBILITY IS CODIFIED INTO THE LAWS OF THE LAND.
Rule of law is important because it helps fight against discrimination. It views everyone as equal before the law and that no one is superior. Examples of discrimination are the ones based on gender, race, color, position in the government and class.
Rule of law upholds the principles of natural justice and ensures strict adherence to the principles. In the Court of law, natural justice is divided into pillars namely in Latin, <em>audi autrem patem</em> (every man should be given a right to a fair hearing) and <em>nemo judex in causa</em> ( no man can be a judge in his cause).
Rule of law helps to check and balance the excesses of the people in high authorities' powers. For example, the various branches of government are affected by the rule law as they are not expected to abuse the powers given to them. They are not above the law.
The Rule of law empowers the citizens of various countries with basic rights that cannot be tampered with. For example, the Constitution of the United States as entrenched human rights. They include, Right to life, freedom of speech, etc.
The Rule of law ensures fairness in both procedural and substantive laws.
