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Sarbanes-Oxley
In 2002, Congress passed the Sarbanes Oxley Act in response to unprecedented corporate and accounting scandals. This legislation was enacted to improve the accuracy and reliability of corporate financial statements and disclosures.
Currently, the act is applicable only to publicly traded corporations and does not apply to higher education. However, various provisions are considered "best practice," and have been implemented by many institutions of higher education, including Cornell University.
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