Final answer:
The Sarbanes-Oxley Act is responsible for accounting standards and protects the interests of investors by increasing confidence in financial information and preventing accounting fraud.
Step-by-step explanation:
The purpose of the Sarbanes-Oxley Act is to protect the interests of investors and it is primarily responsible for accounting standards. This act was passed in 2002 in response to major accounting scandals involving companies like Enron, Tyco International, and WorldCom. It aims to increase the confidence in financial information provided by public corporations and to protect investors from accounting fraud.