Final answer:
The Sarbanes-Oxley (SOX) Act has several significant objectives, including reducing opportunities for fraud, encouraging good character, and counteracting incentives for fraud. However, concealing fraud is not one of its objectives.
Step-by-step explanation:
The Sarbanes-Oxley (SOX) Act was designed to address major accounting scandals and protect investors from accounting fraud. One of the significant objectives of the act is to reduce opportunities for fraud, which means implementing measures and regulations to make it harder for fraud to occur.
Another significant objective is to encourage good character, meaning that the act promotes ethical behavior and requires companies to establish a culture of integrity and honesty.
Counteracting incentives for fraud is also a significant objective of the Sarbanes-Oxley Act. This means that the act aims to discourage practices that may reward fraudulent behavior and instead promote transparency and accountability.
Concealing fraud, on the other hand, is not a significant objective of the Sarbanes-Oxley Act. The act focuses on preventing and detecting fraud rather than enabling or covering it up.