Which standards are applicable to publicly traded companies in the U.S.?

The Sarbanes-Oxley Act (SOX) is specifically designed for publicly traded companies in the United States, focusing on financial transparency and the accuracy of financial reporting. Implemented in response to corporate scandals such as Enron and WorldCom, SOX introduces stringent requirements for financial disclosures, corporate governance, and accountability. It requires that companies establish internal controls to ensure the integrity of financial information, and it imposes severe penalties for fraudulent financial activity.

The relevance of SOX to public companies emphasizes the critical importance of having reliable and transparent financial reporting processes. This aligns with the goal of maintaining investor confidence and protecting shareholders' interests, which is a central concern in the realm of corporate governance.

The other standards mentioned, while significant in their respective areas, do not have the same direct applicability to publicly traded companies as SOX does. For instance, HIPAA governs the privacy and security of health information, Gramm-Leach-Bliley pertains to financial institutions and customer privacy, and PCI DSS focuses on protecting credit card information. Thus, SOX stands out as the appropriate standard specifically addressing the needs and responsibilities of publicly traded companies in the U.S.