OBJECTIVE 1 TOPIC- Sarbanes-Oxley Act of 2002 NOTE: The most important law affecting publicly held companies in recent history. NOTE: Although the law applies only to publicly traded companies, it really has become the standard for assessing the financial controls and reporting of all companies. 1. What was the impact of Sarbanes-Oxley on accounting internal controls and financial reporting? 2. Define the following terms: Internal Control: Sarbanes-Oxley Act (SOX)