In 2002, the Public Company Accounting Oversight Board (PCAOB) created the Sarbanes-Oxley Act (SOX) due to major corporate scandals at the time involving companies such as Enron and WorldCom (neither of which exist any longer as a result of said scandals). Passed by Congress with hopes of deterring corporate fraud, improving financial disclosures, and protecting both investors and whistleblowers, SOX holds CEOs personally responsible for any errors made in accounting audits.
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