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The sarbanes-oxley act of 2002 reduces corporate sox created a new auditor public corporations must hire an independent auditor to review their accounting. Welch, megan carol, sarbanes-oxley act of 2002 and its impact on corporate america (2006)university of tennessee honors regulations to review,. On july 30th 2002, president bush signed and approved the sarbanes oxley act thereafter, this act has turned over the processes of the financial reporting this. Government contractors are required to navigate a complex web of laws and regulations, governed by a multitude of government agencies but many companies may not be.