Accounting: Topic 5 Name Course Instructor Date Introduction The Sarbanes-Oxley Act oversees the Public Company Accounting Oversight Board (PCAOB), and approves the budged for the commission. The PCAOB in turn oversees the audits and auditors of financial statements for the U.S public companies. Other than this, the board has the authority to oversee the financial reports for the SEC register brokers and dealers. The requirements of SOX focus on strengthening the accounting standards including auditor independence and corporate responsibility with the aim of improving governance. Additionally, the Dodd- Frank Act, was undertaken with the aim of improving investor protection and ensuring the sustainability of the U.S financial system. Requirements of Sarbanes-Oxley Act The Sarbanes-Oxley Act (SOX) was adopted in 2002 with the aim of improving disclosures of financial information based on the accuracy and reliability of the disclosures. This would help to inform investors who rely on corporate information to make decisions, while ensuring compliance with the standards. Despite attempts towards self-regulation the accounting profession has been dogged by accounting malpractice (SOX, 2002). The Sarbanes-Oxley Act has been applied to strength