In this lesson, Nick Palazzolo, CPA, discusses the goals of the Sarbanes-Oxley Act (SOX) of 2002, which aims to improve investor confidence by facilitating greater transparency in internal controls. He emphasizes the importance of understanding the competency of the audit committee and compliance of senior officers through a code of conduct. Nick also clears potential misconceptions by highlighting that SOX does not focus on profitability or the growth of a company, but rather on proper financial reporting and risk management.
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