Sarbanes Oxley Act is more often known as SOX or Sarbox but is actually officially termed as Public Company Accounting Reform and Investor Protection Act of 2002. It is the single most important piece of legislation that affects the corporate governance, financial disclosures and the practice of public accounting. Sarbanes Oxley Act prevents the large corporate giants to commit and financial frauds. This act also punished such corporate that showcase irregularities in their financial accountings. After the Sarbanes Oxley Act came into affect is strengthened investor confidence as this law bring the defaulters to justice and protects the interest of workers and shareholders.
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