Final answer:
The Sarbanes-Oxley Act specifically applies to employees in publicly held firms, aiming to protect investors by enforcing strict financial reporting and corporate governance standards.
Step-by-step explanation:
The Sarbanes-Oxley Act applies to employees in publicly held firms. This legislation was enacted in response to a series of major corporate and accounting scandals, including those at Enron, Tyco International, and WorldCom. The primary objective of the Sarbanes-Oxley Act is to enhance corporate accountability and the accuracy of financial reporting in order to protect investors and the public, by setting higher standards for public companies and accounting firms. It is instrumental in restoring public confidence in the nation's capital markets by strengthening corporate governance and compliance practices.
The Act's requirements do not directly pertain to contract workers, self-employed citizens, or the unemployed as it specifically targets publicly traded companies. It addresses aspects such as auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure.