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Answer :
The Sarbanes-Oxley Act extended the statute of limitations to 2 years from the date of discovery of the fraud and 5 years from the criminal act, in response to major accounting scandals.
The Sarbanes-Oxley Act, which emerged in response to major corporate and accounting scandals such as those involving Enron, Tyco International, and WorldCom, extended the statute of limitations for fraud-related crimes. This important piece of legislation specifies that the statute of limitations regarding the discovery of fraud is 2 years from the date of discovery of the fraud and 5 years from the criminal act. The changes enacted by Sarbanes-Oxley reflect the government's commitment to protecting investors and maintaining confidence in financial information provided by public corporations.
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