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Sarbanes-Oxley: Reflections Eight Months Later

By Thomas E. Wardell and Michael Rosenzweig

Since it became the law on July 30, 2002, The Sarbanes-Oxley Act has been the subject of an endless stream of panel discussions, seminars, speeches, articles and media interpretations. It may or may not be a tsunami in the financial markets comparable to the changes brought by the regulatory scheme developed in the 1930s. But the statute and the corollary changes by stock exchanges to their listing requirements will alter the relationships between the participants in the financial markets in significant and long-term ways. This article highlights and places in context the changes wrought thus far, and concludes by noting areas in which further change is yet possible.

The Sarbanes-Oxley changes can be organized around a few central principles. Financial statements must become more reliable and more informative. Auditors must stand more independent of their clients. Boards must have committees and board committees must take governance responsibility, including holding management accountable. Management must insist upon full and accurate disclosure and must take responsibility for the process as well as the disclosures.

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