Sarbanes-Oxley Act (SOX)—Sarbanes-Oxley, which became law in July 2002, introduced sweeping changes to the way corporate governance and financial practices are regulated. As a direct result of several public financial scandals, SOX established the Public Company Accounting Oversight Board (PCAOB), which is responsible for overseeing, regulating, inspecting, and disciplining accounting firms in their roles as auditors of public companies. SOX also dictates policies that address auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure.