What was the main objective of the Sarbanes-Oxley Act of 2002?

The primary goal of the Sarbanes-Oxley Act of 2002 was to enhance corporate responsibility and combat accounting fraud. This legislation emerged in response to major corporate scandals, such as those involving Enron and WorldCom, which led to significant financial losses for investors and eroded public confidence in the integrity of financial reporting.

The Act implemented stringent reforms to improve the accuracy and reliability of corporate disclosures. Key provisions included the requirement for companies to establish internal controls over financial reporting, the obligation for top executives to certify the accuracy of financial statements, and the establishment of the Public Company Accounting Oversight Board (PCAOB) to oversee the auditing of public companies. These measures collectively aimed to ensure transparency, accountability, and integrity in financial practices, thereby protecting investors and the public interest from fraudulent activities.

The other options, while significant in their respective areas, do not capture the primary focus of the Sarbanes-Oxley Act. The Act did not address issues related to tax simplification, international trade, or employee benefits. Instead, its central aim was to reform corporate governance and enhance the reliability of financial reporting, making option B the correct choice.