SOX, short for the Sarbanes-Oxley Act, is a U.S. federal law enacted in 2002 to enhance corporate accountability and protect investors from fraudulent financial practices. Named after its co-sponsors, Senator Paul Sarbanes and Representative Michael Oxley, the law was a response to several high-profile corporate scandals that severely undermined public trust in the financial markets. By imposing stricter regulations and improving transparency in financial reporting, SOX aims to ensure companies adhere to ethical and responsible business practices, ultimately safeguarding investors’ interests.
Visit More: faang full form
Table of Contents
Sox Full Form in English
The full form of SOX, in English, refers to the Sarbanes-Oxley Act. Enacted in 2002, it is a comprehensive legislation created by the U.S. Congress to govern financial reporting and accountability of public companies. The Sarbanes-Oxley Act was introduced after several major corporate scandals, such as Enron and WorldCom, exposed serious deficiencies in corporate governance, auditing standards, and financial disclosures. SOX aims to ensure transparency, accuracy, and reliability in financial reporting, thereby restoring investor confidence and protecting shareholder interests. The act mandates strict internal controls, independent audits, and enhanced disclosure requirements for public companies and their executives. By holding companies accountable for their financial statements and increasing the transparency of corporate practices, SOX plays a vital role in strengthening corporate governance and maintaining the integrity of the financial markets.
Sox Full Form in Hindi
सॉक्स का पूर्ण रूप ‘सॉफ्टवेयर लंबी उन्नति’ है। यह एक गुणवत्ता निर्माण प्रक्रिया है जिसका उद्देश्य सॉफ्टवेयर के विकास की गति को प्रबल और सुचारु बनाना है। सॉक्स आप्रोच नवीनतम टूल्स, तकनीकी और प्रक्रियाओं का इस्तेमाल करके सॉफ्टवेयर के विकास को सुगम और प्रभावी बनाता है। इस प्रक्रिया में प्रतिभाशाली ताकतें, समय और खर्च को कम किया जाता है और उत्पादकता को बढ़ाया जाता है।
In conclusion, the full form of “SOX” refers to the Sarbanes-Oxley Act which was enacted in response to corporate accounting scandals. This legislation aims to protect investors and improve corporate governance through increased financial transparency and accountability.