From Longman Business DictionarySarbanes-Oxley ActSar‧banes-Ox‧ley Act /ˌsɑːbeɪnz ˈɒksli ˌæktˌsɑːrbeɪnz ˈɑːks-/ noun LAWACCOUNTING a US law that controls the way all US public companies keep and check their financial accounts. Under the law, companies must send a yearly report to the securities and exchange Commission showing that the financial accounts are correct and true in every detail. The law was introduced in 2002 after a financial scandal involving several large US companies, in particular Enron. It is often informally called SOX
