In 2002, as a result of numerous corporate financial scandals in the past decade, congress passed this act to protect investors.

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The Sarbanes-Oxley Act of 2002, also known as the Public Company Accounting Reform and Investor Protection Act, was enacted by Congress in response to a wave of corporate accounting scandals, including Enron and WorldCom. The act aimed to protect investors by improving the accuracy and reliability of corporate financial statements and increasing corporate accountability.

In 2002, as a Result of Numerous Corporate Financial Scandals