d) Sarbanes-Oxley Act

The Sarbanes-Oxley Act of 2002, often abbreviated as SOX, was a legislative response to major corporate accounting scandals, including those at Enron and WorldCom. This act aimed to enhance corporate governance and accountability, with a focus on financial practices and reporting standards. Key provisions of the act include increased oversight of financial audits, stricter corporate responsibility for financial disclosures, and higher penalties for corporate wrongdoing. Sarbanes-Oxley represented a significant overhaul of corporate financial regulation, reflecting a shift towards greater transparency and accountability in the wake of public and investor outcry over corporate misconduct.