To ensure audit committees perform this function effectively, the SEC adopted rules in 1999 requiring disclosures related to the functioning, governance and independence of audit committees, which are primarily set forth in Item 407 of Regulation S-K. Following a wave of corporate fraud in the early 2000s, the Sarbanes-Oxley Act of 2002 mandated a number of reforms to enhance corporate responsibility, including by expanding the role of the audit committee in the financial reporting process, enhance financial disclosures and eliminate fraud. Sarbanes-Oxley also established a new regulatory and oversight regime for auditors of public companies, including the creation of the Public Company Accounting Oversight Board (PCOAB).