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Sarbanes Oxley Problem Essay Preview: Sarbanes Oxley Problem Report this essay Sarbanes-Oxley Problem On July 30, 2002, the Sarbanes-Oxley Act of 2002 was signed into law (Hooley, 2005). The Act applies publicly held companies and their audit firms. It dramatically affects the accounting professions and CPAs working as an auditor of a publicly traded company..