The Sarbanes-Oxley Act

Paper Summary:

This paper explains that the introduction of the Sarbanes-Oxley Act influenced corporate governance practices to the highest degree and fundamentally changed the business and regulatory environment by introducing numerous new accounting requirements. The author points out that, as companies continue to apply Sarbanes-Oxley principles to their operations, many organizations see immediate benefits ranging from improved documentation procedures to the further development of effective ethics policies. The paper states that, once the improved documentation and governance procedures are established, the internal controls are in place and the employees are trained; the costs associated with the Sarbanes-Oxley Act will go down and the organizations will be able to take full advantage of compliance. Tables.

Table of Contents
The Law
The Importance of the Law
The Benefits of the Law
Positive Changes
Costs of Compliance
Costs versus Benefits
Conclusion

From the Paper:

"Common sense and personal integrity suggest that in today's world, remaining faithful to personal and organizational ethical standards is more important than ever. Many disappointing examples exist in the face of Enron, Andersen, WorldCom, Tyco, and others that prove just how vulnerable employees and organizations are to unethical decisions and how devastating the outcome of unethical behavior can be. Not only personal careers, but also the future of entire organizations and the integrity of the national economy depend on the commitment of individuals and companies to high moral principles."

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