The document discusses the reasons for implementing the Sarbanes-Oxley Act, including reacting to major corporate accounting scandals, bolstering accounting standards to protect investors, and enhancing internal controls and auditing to detect fraud. It aims to improve corporate financial reporting, strengthen audit committees, improve auditor independence, provide additional assurance over internal controls, and provide oversight of auditors of public companies. The Sarbanes-Oxley Act includes reforms in areas like the Public Company Accounting Oversight Board, auditor independence, corporate responsibility, financial disclosures, and penalties for corporate and white-collar crime.

2. Reasons for implementation
• Reaction to a number of major corporate and
accounting scandals
• To bolster accounting, internal control and
auditing standards at public corporations to
protect investors
• To enhance corporate internal auditing and
financial reporting control mechanisms to detect
fraud easily
• To assure ethical business practices through
heightened levels of awareness and accountability

3. Reasons for implementation
It includes reforms in corporate governance and the
accounting profession intended to:
• Improve corporate financial reporting and
internal control
• Strengthen audit committees
• Improve auditor independence
• Provide additional auditor assurance over
internal control
• Provide oversight and regulation for auditors of
publicly traded companies

4. Sarbanes – Oxley Act
1. Public Company Accounting Oversight Board
2. Auditor Independence
3. Corporate Responsibility
4. Enhanced Financial Disclosures
5. Analyst Conflicts of Interest
6. Commission Resources and Authority
7. Studies and Reports
8. Corporate and Criminal Fraud Accountability
9. White Collar Crime Penalty Enhancement
10. Corporate Tax Returns
11. Corporate Fraud Accountability