Under which act does the requirement for companies to maintain accurate financial records fall?

The requirement for companies to maintain accurate financial records falls under the Sarbanes-Oxley Act. Enacted in 2002 in response to a number of high-profile financial scandals, this legislation established stringent requirements for financial reporting and corporate governance. Specifically, it mandates that public companies maintain accurate financial records and implement internal controls to ensure the reliability of financial reporting. This act aims to protect investors by enhancing the accuracy and reliability of corporate disclosures.

In addition to financial record-keeping, the Sarbanes-Oxley Act also imposes penalties for fraudulent financial activity and protects whistleblowers, encouraging transparency and accountability in corporate practices. All of these measures are designed to reinforce the integrity of financial markets and restore public confidence in the overall economic system.

The other acts mentioned do focus on specific aspects of compliance and record-keeping within their respective domains, but they do not have the same comprehensive financial record-keeping requirements as the Sarbanes-Oxley Act.