In the wake of many scandals with major corporations involving fraud and the deception of investors and regulators, which of the following laws was passed to govern accounting and financial records and disclosures?

In the wake of many scandals with major corporations involving fraud and the deception of investors and regulators, which of the following laws was passed to govern accounting and financial records and disclosures?
A . GLBA
B . Safe Harbor
C . HIPAA
D . SOX

View Answer

Answer: D

Explanation:

The Sarbanes-Oxley Act (SOX) regulates the financial and accounting practices used by organizations in order to protect shareholders from improper practices and accounting errors.The Health Insurance Portability and Accountability Act (HIPAA) pertains to the protection of patient medical records and privacy. The Gramm-Leach-Bliley Act (GLBA) focuses on the use of PII within financial institutions. The Safe Harbor program was designed by the US government as a way for American companies to comply with European Union privacy laws.