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Term Details - Sarbanes-Oxley Act (SOX)

The Sarbanes-Oxley Act is a federal law that currently applies to publicly traded companies, but that defines a number of good business practices that can be used by government and non-profit organizations as well. It sets expectations for auditor independence and the certification of audit work performed by external auditors; increases disclosure requirements regarding executive compensation, insider trading, and financial statements; and sets criminal and civil penalties for securities violations.

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