ࡱ> |~yz{q` ZpbjbjqPqP .v::`, t(n(n(n(nq$Lr\7Ӗ\$h bAi77A\eee\eeeJ\@@r '(nbB0EBlEll?H<e%l\AA[ 'dF'dFT> (  Sarbanes-Oxley Act From Wikipedia, the free encyclopedia  HYPERLINK "http://en.wikipedia.org/wiki/File:Sarbanes_bush_and_chao.jpg" \o "Before the signing ceremony of the Sarbanes-Oxley Act, President George W. Bush meets with Senator Paul Sarbanes, Secretary of Labor Elaine Chao and other dignitaries in the Blue Room at the White House on July 30, 2002."  INCLUDEPICTURE "http://upload.wikimedia.org/wikipedia/commons/thumb/1/14/Sarbanes_bush_and_chao.jpg/250px-Sarbanes_bush_and_chao.jpg" \* MERGEFORMATINET   HYPERLINK "http://en.wikipedia.org/wiki/File:Sarbanes_bush_and_chao.jpg" \o "Enlarge"  INCLUDEPICTURE "http://en.wikipedia.org/skins-1.5/common/images/magnify-clip.png" \* MERGEFORMATINET  Before the signing ceremony of the Sarbanes-Oxley Act, President HYPERLINK "http://en.wikipedia.org/wiki/George_W._Bush" \o "George W. Bush" George W. Bushmeets with Senator HYPERLINK "http://en.wikipedia.org/wiki/Paul_Sarbanes" \o "Paul Sarbanes" Paul Sarbanes, HYPERLINK "http://en.wikipedia.org/wiki/U.S._Secretary_of_Labor" \o "U.S. Secretary of Labor" Secretary of Labor HYPERLINK "http://en.wikipedia.org/wiki/Elaine_Chao" \o "Elaine Chao" Elaine Chaoand other dignitaries in the HYPERLINK "http://en.wikipedia.org/wiki/Blue_Room_(White_House)" \o "Blue Room (White House)" Blue Roomat the HYPERLINK "http://en.wikipedia.org/wiki/White_House" \o "White House" White Houseon July 30, 2002.  HYPERLINK "http://en.wikipedia.org/wiki/File:Money_Coin_Icon.svg" \o "Money Coin Icon.svg"  INCLUDEPICTURE "http://upload.wikimedia.org/wikipedia/commons/thumb/6/67/Money_Coin_Icon.svg/75px-Money_Coin_Icon.svg.png" \* MERGEFORMATINET  HYPERLINK "http://en.wikipedia.org/wiki/Accountancy" \o "Accountancy" AccountancyKey concepts HYPERLINK "http://en.wikipedia.org/wiki/Accountant" \o "Accountant" Accountant  HYPERLINK "http://en.wikipedia.org/wiki/Bookkeeping" \o "Bookkeeping" Bookkeeping  HYPERLINK "http://en.wikipedia.org/wiki/Trial_balance" \o "Trial balance" Trial balance  HYPERLINK "http://en.wikipedia.org/wiki/General_ledger" \o "General ledger" General ledger  HYPERLINK "http://en.wikipedia.org/wiki/Debits_and_credits" \o "Debits and credits" Debits and credits  HYPERLINK "http://en.wikipedia.org/wiki/Cost_of_goods_sold" \o "Cost of goods sold" Cost of goods sold  HYPERLINK "http://en.wikipedia.org/wiki/Double-entry_bookkeeping_system" \o "Double-entry bookkeeping system" Double-entry system  HYPERLINK "http://en.wikipedia.org/wiki/Standard_accounting_practice" \o "Standard accounting practice" Standard practices  HYPERLINK "http://en.wikipedia.org/wiki/Comparison_of_Cash_Method_and_Accrual_Method_of_accounting" \o "Comparison of Cash Method and Accrual Method of accounting" Cash and accrual basis  HYPERLINK "http://en.wikipedia.org/wiki/Generally_Accepted_Accounting_Principles" \o "Generally Accepted Accounting Principles" GAAP/ HYPERLINK "http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards" \o "International Financial Reporting Standards" IFRS HYPERLINK "http://en.wikipedia.org/wiki/Financial_statements" \o "Financial statements" Financial statements HYPERLINK "http://en.wikipedia.org/wiki/Balance_sheet" \o "Balance sheet" Balance sheet  HYPERLINK "http://en.wikipedia.org/wiki/Income_statement" \o "Income statement" Income statement  HYPERLINK "http://en.wikipedia.org/wiki/Cash_flow_statement" \o "Cash flow statement" Cash flow statement  HYPERLINK "http://en.wikipedia.org/wiki/Ownership_equity" \o "Ownership equity" Ownership equity  HYPERLINK "http://en.wikipedia.org/wiki/Statement_of_retained_earnings" \o "Statement of retained earnings" Retained earnings HYPERLINK "http://en.wikipedia.org/wiki/Audit" \o "Audit" Auditing HYPERLINK "http://en.wikipedia.org/wiki/Financial_audit" \o "Financial audit" Financial audit  HYPERLINK "http://en.wikipedia.org/wiki/Generally_Accepted_Auditing_Standards" \o "Generally Accepted Auditing Standards" GAAS  HYPERLINK "http://en.wikipedia.org/wiki/Internal_audit" \o "Internal audit" Internal audit Sarbanes-Oxley Act  HYPERLINK "http://en.wikipedia.org/wiki/Big_Four_auditors" \o "Big Four auditors" Big Four auditorsFields of accounting HYPERLINK "http://en.wikipedia.org/wiki/Cost_accounting" \o "Cost accounting" Cost HYPERLINK "http://en.wikipedia.org/wiki/Financial_accountancy" \o "Financial accountancy" Financial HYPERLINK "http://en.wikipedia.org/wiki/Forensic_accounting" \o "Forensic accounting" Forensic  HYPERLINK "http://en.wikipedia.org/wiki/Fund_Accounting" \o "Fund Accounting" Fund HYPERLINK "http://en.wikipedia.org/wiki/Management_accounting" \o "Management accounting" Management HYPERLINK "http://en.wikipedia.org/wiki/Tax_accounting_in_the_United_States" \o "Tax accounting in the United States" TaxThis box: HYPERLINK "http://en.wikipedia.org/wiki/Template:Accounting" \o "Template:Accounting" view HYPERLINK "http://en.wikipedia.org/wiki/Template_talk:Accounting" \o "Template talk:Accounting" talk HYPERLINK "http://en.wikipedia.org/w/index.php?title=Template:Accounting&action=edit" \o "http://en.wikipedia.org/w/index.php?title=Template:Accounting&action=edit" editTheSarbanes-Oxley Act of 2002( HYPERLINK "http://www.gpo.gov/fdsys/pkg/PLAW-107publ204/content-detail.html" \o "http://www.gpo.gov/fdsys/pkg/PLAW-107publ204/content-detail.html" Pub.L. 107-204, 116 HYPERLINK "http://en.wikipedia.org/wiki/United_States_Statutes_at_Large" \o "United States Statutes at Large" Stat.745, enacted July30, 2002), also known as thePublic Company Accounting Reform and Investor Protection Act of 2002and commonly calledSarbanes-Oxley,SarboxorSOX, is a HYPERLINK "http://en.wikipedia.org/wiki/United_States_federal_law" \o "United States federal law" United States federal lawenacted on July 30, 2002, as a reaction to a number of major HYPERLINK "http://en.wikipedia.org/wiki/Accounting_scandals" \o "Accounting scandals" corporate and accounting scandalsincluding those affecting HYPERLINK "http://en.wikipedia.org/wiki/Enron" \o "Enron" Enron, HYPERLINK "http://en.wikipedia.org/wiki/Tyco_International" \o "Tyco International" Tyco International, HYPERLINK "http://en.wikipedia.org/wiki/Adelphia_Communications_Corporation" \o "Adelphia Communications Corporation" Adelphia, HYPERLINK "http://en.wikipedia.org/wiki/Peregrine_Systems" \o "Peregrine Systems" Peregrine Systemsand HYPERLINK "http://en.wikipedia.org/wiki/WorldCom" \o "WorldCom" WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nation's HYPERLINK "http://en.wikipedia.org/wiki/Capital_market" \o "Capital market" securities markets. Named after sponsors U.S. Senator HYPERLINK "http://en.wikipedia.org/wiki/Paul_Sarbanes" \o "Paul Sarbanes" Paul Sarbanes( HYPERLINK "http://en.wikipedia.org/wiki/Democratic_Party_(United_States)" \o "Democratic Party (United States)" D- HYPERLINK "http://en.wikipedia.org/wiki/Maryland" \o "Maryland" MD) and U.S. Representative HYPERLINK "http://en.wikipedia.org/wiki/Michael_G._Oxley" \o "Michael G. Oxley" Michael G. Oxley( HYPERLINK "http://en.wikipedia.org/wiki/Republican_Party_(United_States)" \o "Republican Party (United States)" R- HYPERLINK "http://en.wikipedia.org/wiki/Ohio" \o "Ohio" OH), the act was approved by the HYPERLINK "http://en.wikipedia.org/wiki/United_States_House_of_Representatives" \o "United States House of Representatives" Houseby a vote of HYPERLINK "http://clerk.house.gov/evs/2002/roll110.xml" \o "http://clerk.house.gov/evs/2002/roll110.xml" 334-90and by the HYPERLINK "http://en.wikipedia.org/wiki/United_States_Senate" \o "United States Senate" Senate HYPERLINK "http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=107&session=2&vote=00192" \o "http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=107&session=2&vote=00192" 99-0. President George W. Bush signed it into law, stating it included "the most far-reaching reforms of American business practices since the time of HYPERLINK "http://en.wikipedia.org/wiki/Franklin_D._Roosevelt" \o "Franklin D. Roosevelt" Franklin D. Roosevelt." HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-Bumiller2002-0#cite_note-Bumiller2002-0" [1] The legislation set new or enhanced standards for all U.S. HYPERLINK "http://en.wikipedia.org/wiki/Public_company" \o "Public company" public companyboards, management and public accounting firms. It does not apply to privately held companies. The act contains 11 titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, and requires the HYPERLINK "http://en.wikipedia.org/wiki/United_States_Securities_and_Exchange_Commission" \o "United States Securities and Exchange Commission" Securities and Exchange Commission(SEC) to implement rulings on requirements to comply with the new law. HYPERLINK "http://en.wikipedia.org/wiki/Harvey_Pitt" \o "Harvey Pitt" Harvey Pitt, the 26th chairman of the HYPERLINK "http://en.wikipedia.org/wiki/United_States_Securities_and_Exchange_Commission" \o "United States Securities and Exchange Commission" Securities and Exchange Commission(SEC), led the SEC in the adoption of dozens of rules to implement the Sarbanes-Oxley Act. Debate continues over the perceived benefits and costs of SOX. Supporters contend the legislation was necessary and has played a useful role in restoring public confidence in the nation's capital markets by, among other things, strengthening corporate accounting controls. Opponents of the bill claim it has reduced America's international competitive edge against foreign financial service providers, saying SOX has introduced an overly complex regulatory environment into U.S. financial markets. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-1#cite_note-1" [2] The act creates a new, quasi-public agency, the HYPERLINK "http://en.wikipedia.org/wiki/Public_Company_Accounting_Oversight_Board" \o "Public Company Accounting Oversight Board" Public Company Accounting Oversight Board, or PCAOB, charged with overseeing, regulating, inspecting and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as HYPERLINK "http://en.wikipedia.org/wiki/Auditor" \o "Auditor" auditorindependence, HYPERLINK "http://en.wikipedia.org/wiki/Corporate_governance" \o "Corporate governance" corporate governance, HYPERLINK "http://en.wikipedia.org/wiki/Internal_control" \o "Internal control" internal controlassessment, and enhanced financial disclosure. Contents [ HYPERLINK "javascript:toggleToc()" hide]  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Overview#Overview" 1Overview  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "History_and_context:_events_contributing_to_the_adoption_of_Sarbanes-Oxley#History_and_context:_events_contributing_to_the_adoption_of_Sarbanes-Oxley" 2History and context: events contributing to the adoption of Sarbanes-Oxley  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Timeline_and_passage_of_Sarbanes-Oxley#Timeline_and_passage_of_Sarbanes-Oxley" 2.1Timeline and passage of Sarbanes-Oxley  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Analyzing_the_cost-benefits_of_Sarbanes-Oxley#Analyzing_the_cost-benefits_of_Sarbanes-Oxley" 3Analyzing the cost-benefits of Sarbanes-Oxley  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Compliance_costs#Compliance_costs" 3.1Compliance costs  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Benefits_to_firms_and_investors#Benefits_to_firms_and_investors" 3.2Benefits to firms and investors  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Effects_on_exchange_listing_choice_of_non-US_companies#Effects_on_exchange_listing_choice_of_non-US_companies" 3.3Effects on exchange listing choice of non-US companies  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Implementation_of_key_provisions#Implementation_of_key_provisions" 4Implementation of key provisions  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Sarbanes-Oxley_Section_302:_Internal_controls#Sarbanes-Oxley_Section_302:_Internal_controls" 4.1Sarbanes-Oxley Section 302: Internal controls  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Sarbanes-Oxley_Section_404:_Assessment_of_internal_control#Sarbanes-Oxley_Section_404:_Assessment_of_internal_control" 4.2Sarbanes-Oxley Section 404: Assessment of internal control  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Sarbanes-Oxley_404_and_smaller_public_companies#Sarbanes-Oxley_404_and_smaller_public_companies" 4.3Sarbanes-Oxley 404 and smaller public companies  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Sarbanes-Oxley_Section_802:_Criminal_penalties_for_violation_of_SOX#Sarbanes-Oxley_Section_802:_Criminal_penalties_for_violation_of_SOX" 4.4Sarbanes-Oxley Section 802: Criminal penalties for violation of SOX  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Sarbanes-Oxley_Section_1107:_Criminal_penalties_for_retaliation_against_whistleblowers#Sarbanes-Oxley_Section_1107:_Criminal_penalties_for_retaliation_against_whistleblowers" 4.5Sarbanes-Oxley Section 1107: Criminal penalties for retaliation against whistleblowers  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Criticism#Criticism" 5Criticism  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Praise#Praise" 6Praise  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Legal_challenges#Legal_challenges" 7Legal challenges  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Legislative_information#Legislative_information" 8Legislative information  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "See_also#See_also" 9See also  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "Similar_laws_in_other_countries#Similar_laws_in_other_countries" 9.1Similar laws in other countries  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "References#References" 10References  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "External_links#External_links" 11External links[ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=1" \o "Edit section: Overview" edit]Overview Sarbanes-Oxley contains 11 titles that describe specific mandates and requirements for financial reporting. Each title consists of several sections, summarized below. Public Company Accounting Oversight Board (PCAOB) Title I consists of nine sections and establishes the Public Company Accounting Oversight Board, to provide independent oversight of public accounting firms providing audit services ("auditors"). It also creates a central oversight board tasked with registering auditors, defining the specific processes and procedures for compliance audits, inspecting and policing conduct and quality control, and enforcing compliance with the specific mandates of SOX. Auditor Independence Title II consists of nine sections and establishes standards for external auditor independence, to limit conflicts of interest. It also addresses new auditor approval requirements, audit partner rotation, and auditor reporting requirements. It restricts auditing companies from providing non-audit services (e.g., consulting) for the same clients. Corporate Responsibility Title III consists of eight sections and mandates that senior executives takeindividual responsibilityfor the accuracy and completeness of corporate financial reports. It defines the interaction of external auditors and corporate audit committees, and specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports. It enumerates specific limits on the behaviors of corporate officers and describes specific forfeitures of benefits and civil penalties for non-compliance. For example, Section 302 requires that the company's "principal officers" (typically the HYPERLINK "http://en.wikipedia.org/wiki/Chief_Executive_Officer" \o "Chief Executive Officer" Chief Executive Officerand HYPERLINK "http://en.wikipedia.org/wiki/Chief_Financial_Officer" \o "Chief Financial Officer" Chief Financial Officer) certify and approve the integrity of their company financial reports quarterly HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-2#cite_note-2" [3] Enhanced Financial Disclosures Title IV consists of nine sections. It describes enhanced reporting requirements for financial transactions, including HYPERLINK "http://en.wikipedia.org/wiki/Off-balance-sheet" \o "Off-balance-sheet" off-balance-sheettransactions, pro-forma figures and stock transactions of corporate officers. It requires internal controls for assuring the accuracy of financial reports and disclosures, and mandates both audits and reports on those controls. It also requires timely reporting of material changes in financial condition and specific enhanced reviews by the SEC or its agents of corporate reports. Analyst Conflicts of Interest Title V consists of only one section, which includes measures designed to help restore investor confidence in the reporting of securities analysts. It defines the codes of conduct for securities analysts and requires disclosure of knowable conflicts of interest. Commission Resources and Authority Title VI consists of four sections and defines practices to restore investor confidence in securities analysts. It also defines the SECs authority to censure or bar securities professionals from practice and defines conditions under which a person can be barred from practicing as a broker, advisor, or dealer. Studies and Reports Title VII consists of five sections and requires the HYPERLINK "http://en.wikipedia.org/wiki/Comptroller_General_of_the_United_States" \o "Comptroller General of the United States" Comptroller Generaland the SEC to perform various studies and report their findings. Studies and reports include the effects of consolidation of public accounting firms, the role of credit rating agencies in the operation of securities markets, securities violations and enforcement actions, and whether investment banks assisted HYPERLINK "http://en.wikipedia.org/wiki/Enron" \o "Enron" Enron, HYPERLINK "http://en.wikipedia.org/wiki/Global_Crossing" \o "Global Crossing" Global Crossingand others to manipulate earnings and obfuscate true financial conditions. Corporate and Criminal Fraud Accountability Title VIII consists of seven sections and is also referred to as theCorporate and Criminal Fraud Act of 2002. It describes specific criminal penalties for manipulation, destruction or alteration of financial records or other interference with investigations, while providing certain protections for whistle-blowers. White Collar Crime Penalty Enhancement Title IX consists of two sections. This section is also called theWhite Collar Crime Penalty Enhancement Act of 2002.This section increases the criminal penalties associated with white-collar crimes and conspiracies. It recommends stronger sentencing guidelines and specifically adds failure to certify corporate financial reports as a criminal offense. Corporate Tax Returns Title X consists of one section. Section 1001 states that the HYPERLINK "http://en.wikipedia.org/wiki/Chief_Executive_Officer" \o "Chief Executive Officer" Chief Executive Officershould sign the company tax return. Corporate Fraud Accountability Title XI consists of seven sections. Section 1101 recommends a name for this title asCorporate Fraud Accountability Act of 2002. It identifies corporate fraud and records tampering as criminal offenses and joins those offenses to specific penalties. It also revises sentencing guidelines and strengthens their penalties. This enables the SEC the resort to temporarily freeze transactions or payments that has been deemed "large" or "unusual". [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=2" \o "Edit section: History and context: events contributing to the adoption of Sarbanes-Oxley" edit]History and context: events contributing to the adoption of Sarbanes-Oxley  HYPERLINK "http://en.wikipedia.org/wiki/File:Unbalanced_scales.svg" \o "Unbalanced scales.svg"  INCLUDEPICTURE "http://upload.wikimedia.org/wikipedia/commons/thumb/f/fe/Unbalanced_scales.svg/45px-Unbalanced_scales.svg.png" \* MERGEFORMATINET The HYPERLINK "http://en.wikipedia.org/wiki/Wikipedia:Neutral_point_of_view" \o "Wikipedia:Neutral point of view" neutralityof this section is HYPERLINK "http://en.wikipedia.org/wiki/Wikipedia:NPOV_dispute" \o "Wikipedia:NPOV dispute" disputed. Please see the discussion on the HYPERLINK "http://en.wikipedia.org/wiki/Talk:Sarbanes-Oxley_Act" \o "Talk:Sarbanes-Oxley Act" talk page. Please do not remove this message until the HYPERLINK "http://en.wikipedia.org/wiki/Wikipedia:NPOVD" \l "What_is_an_NPOV_dispute.3F" \o "Wikipedia:NPOVD" dispute is resolved.(December 2007)A variety of complex factors created the conditions and culture in which a series of large corporate frauds occurred between 2000-2002. The spectacular, highly-publicized frauds at Enron (see HYPERLINK "http://en.wikipedia.org/wiki/Enron_scandal" \o "Enron scandal" Enron scandal), HYPERLINK "http://en.wikipedia.org/wiki/WorldCom" \o "WorldCom" WorldCom, and HYPERLINK "http://en.wikipedia.org/wiki/Tyco_International" \l "Corporate_scandal_of_2002" \o "Tyco International" Tycoexposed significant problems with conflicts of interest and incentive compensation practices. The analysis of their complex and contentious root causes contributed to the passage of SOX in 2002. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-3#cite_note-3" [4]In a 2004 interview, Senator Paul Sarbanes stated: The Senate Banking Committee undertook a series of hearings on the problems in the markets that had led to a loss of hundreds and hundreds of billions, indeed trillions of dollars in market value. The hearings set out to lay the foundation for legislation. We scheduled 10 hearings over a six-week period, during which we brought in some of the best people in the country to testify...The hearings produced remarkable consensus on the nature of the problems: inadequate oversight of accountants, lack of auditor independence, weak corporate governance procedures, stock analysts' conflict of interests, inadequate disclosure provisions, and grossly inadequate funding of the Securities and Exchange Commission. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-4#cite_note-4" [5]Auditor conflicts of interest: Prior to SOX, auditing firms, the primary financial "watchdogs" for investors, were self-regulated. They also performed significant non-audit or consulting work for the companies they audited. Many of these consulting agreements were far more lucrative than the auditing engagement. This presented at least the appearance of a conflict of interest. For example, challenging the company's accounting approach might damage a client relationship, conceivably placing a significant consulting arrangement at risk, damaging the auditing firm's bottom line. Boardroom failures: Boards of Directors, specifically Audit Committees, are charged with establishing oversight mechanisms for financial reporting in U.S. corporations on the behalf of investors. These scandals identified Board members who either did not exercise their responsibilities or did not have the expertise to understand the complexities of the businesses. In many cases, Audit Committee members were not truly independent of management. Securities analysts' conflicts of interest: The roles of securities analysts, who make buy and sell recommendations on company stocks and bonds, and investment bankers, who help provide companies loans or handle mergers and acquisitions, provide opportunities for conflicts. Similar to the auditor conflict, issuing a buy or sell recommendation on a stock while providing lucrative investment banking services creates at least the appearance of a conflict of interest. Inadequate funding of the SEC: The SEC budget has steadily increased to nearly double the pre-SOX level. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-5#cite_note-5" [6]In the interview cited above, Sarbanes indicated that enforcement and rule-making are more effective post-SOX. Banking practices: Lending to a firm sends signals to investors regarding the firm's risk. In the case of Enron, several major banks provided large loans to the company without understanding, or while ignoring, the risks of the company. Investors of these banks and their clients were hurt by such bad loans, resulting in large settlement payments by the banks. Others interpreted the willingness of banks to lend money to the company as an indication of its health and integrity, and were led to invest in Enron as a result. These investors were hurt as well.  HYPERLINK "http://en.wikipedia.org/wiki/Internet_bubble" \o "Internet bubble" Internet bubble: Investors had been stung in 2000 by the sharp declines in technology stocks and to a lesser extent, by declines in the overall market. Certain HYPERLINK "http://en.wikipedia.org/wiki/Mutual_fund" \o "Mutual fund" mutual fundmanagers were alleged to have advocated the purchasing of particular technology stocks, while quietly selling them. The losses sustained also helped create a general anger among investors. Executive compensation: Stock option and bonus practices, combined with volatility in stock prices for even small earnings "misses," resulted in pressures to manage earnings. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-6#cite_note-6" [7]Stock options were not treated as compensation expense by companies, encouraging this form of compensation. With a large stock-based bonus at risk, managers were pressured to meet their targets. [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=3" \o "Edit section: Timeline and passage of Sarbanes-Oxley" edit]Timeline and passage of Sarbanes-Oxley The House passed Rep. Oxley's bill (H.R. 3763) on April 25, 2002, by a vote of 334 to 90. The House then referred the "Corporate and Auditing Accountability, Responsibility, and Transparency Act" or "CAARTA" to the HYPERLINK "http://en.wikipedia.org/wiki/United_States_Senate" \o "United States Senate" Senate HYPERLINK "http://en.wikipedia.org/wiki/U.S._Senate_Committee_on_Banking,_Housing,_and_Urban_Affairs" \o "U.S. Senate Committee on Banking, Housing, and Urban Affairs" Banking Committeewith the support of President HYPERLINK "http://en.wikipedia.org/wiki/George_W._Bush" \o "George W. Bush" George W. Bushand the SEC. At the time, however, the Chairman of that Committee, Senator HYPERLINK "http://en.wikipedia.org/wiki/Paul_Sarbanes" \o "Paul Sarbanes" Paul Sarbanes(D-MD), was preparing his own proposal, Senate Bill 2673. Senator Sarbaness bill passed the Senate Banking Committee on June 18, 2002, by a vote of 17 to 4. On June 25, 2002, HYPERLINK "http://en.wikipedia.org/wiki/MCI_WorldCom" \o "MCI WorldCom" WorldComrevealed it had overstated its earnings by more than $3.8 billion during the past five HYPERLINK "http://en.wikipedia.org/wiki/Fiscal_year" \o "Fiscal year" quarters(15 months), primarily by improperly accounting for its operating costs. Sen. Sarbanes introduced Senate Bill 2673 to the full Senate that same day, and it passed 97-0 less than three weeks later on July 15, 2002. The House and the Senate formed a HYPERLINK "http://en.wikipedia.org/wiki/United_States_Congress_Conference_committee" \o "United States Congress Conference committee" Conference Committeeto reconcile the differences between Sen. Sarbanes's bill (S. 2673) and Rep. Oxley's bill (H.R. 3763). The conference committee relied heavily on S. 2673 and most changes made by the conference committee strengthened the prescriptions of S. 2673 or added new prescriptions. (John T. Bostelman, The Sarbanes-Oxley Deskbook 2-31.) The Committee approved the final conference bill on July 24, 2002, and gave it the name "the Sarbanes-Oxley Act of 2002." The next day, both houses of HYPERLINK "http://en.wikipedia.org/wiki/United_States_Congress" \o "United States Congress" Congressvoted on it without change, producing an overwhelming margin of victory: HYPERLINK "http://clerk.house.gov/cgi-bin/vote.asp?year=2002&rollnumber=348" \o "http://clerk.house.gov/cgi-bin/vote.asp?year=2002&rollnumber=348" 423 to 3in the House and HYPERLINK "http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=107&session=2&vote=00192" \o "http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=107&session=2&vote=00192" 99 to 0in the Senate. On July 30, 2002, President George W. Bush signed it into law, stating it included "the most far-reaching reforms of American business practices since the time of HYPERLINK "http://en.wikipedia.org/wiki/Franklin_D._Roosevelt" \o "Franklin D. Roosevelt" Franklin D. Roosevelt." HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-Bumiller2002-0#cite_note-Bumiller2002-0" [1] [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=4" \o "Edit section: Analyzing the cost-benefits of Sarbanes-Oxley" edit]Analyzing the cost-benefits of Sarbanes-Oxley A significant body of academic research and opinion exists regarding the costs and benefits of SOX, with significant differences in conclusions. This is due in part to the difficulty of isolating the impact of SOX from other variables affecting the stock market and corporate earnings. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-7#cite_note-7" [8] HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-Shakespeare-8#cite_note-Shakespeare-8" [9]Conclusions from several of these studies and related criticism are summarized below: [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=5" \o "Edit section: Compliance costs" edit]Compliance costs FEI Survey (Annual): Finance Executives International (FEI) provides an annual survey on SOX Section 404 costs. These costs have continued to decline relative to revenues since 2004. The 2007 study indicated that, for 168 companies with average revenues of $4.7 billion, the average compliance costs were $1.7 million (0.036% of revenue). HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-9#cite_note-9" [10]The 2006 study indicated that, for 200 companies with average revenues of $6.8 billion, the average compliance costs were $2.9 million (0.043% of revenue), down 23% from 2005. Cost for decentralized companies (i.e., those with multiple segments or divisions) were considerably more than centralized companies. Survey scores related to the positive effect of SOX on investor confidence, reliability of financial statements, and fraud prevention continue to rise. However, when asked in 2006 whether the benefits of compliance with Section 404 have exceeded costs in 2006, only 22 percent agreed. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-10#cite_note-10" [11] Foley & Lardner Survey (2007): This annual study focused on changes in the total costs of being a U.S. public company, which were significantly affected by SOX. Such costs include external auditor fees, directors and officers (D&O) insurance, board compensation, lost productivity, and legal costs. Each of these cost categories increased significantly between FY2001-FY2006. Nearly 70% of survey respondents indicated public companies with revenues under $251 million should be exempt from SOX Section 404. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-11#cite_note-11" [12] Zhang (2005): This research paper estimated SOX compliance costs as high as $1.4 trillion, by measuring changes in market value around key SOX legislative "events." This number is based on the assumption that SOX was the cause of related short-duration market value changes, which the author acknowledges as a drawback of the study. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-12#cite_note-12" [13] [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=6" \o "Edit section: Benefits to firms and investors" edit]Benefits to firms and investors Iliev (2007): This research paper indicated that SOX 404 indeed led to conservative reported earnings, but also reduced -- rightly or wrongly -- stock valuations of small firms. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-13#cite_note-13" [14]Lower earnings often cause the share price to decrease. Butler/Ribstein (2006): Their book proposed a comprehensive overhaul or repeal of SOX and a variety of other reforms. For example, they indicate that investors could diversify their stock investments, efficiently managing the risk of a few catastrophic corporate failures, whether due to fraud or competition. However, if each company is required to spend a significant amount of money and resources on SOX compliance, this cost is borne across all publicly traded companies and therefore cannot be diversified away by the investor. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-14#cite_note-14" [15] Skaife/Collins/Kinney/Lefond (2006): This research paper indicates that borrowing costs are lower for companies that improved their internal control, by between 50 and 150 basis points (.5 to 1.5 percentage points). HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-15#cite_note-15" [16] Lord & Benoit Report (2006): Do the Benefits of 404 Exceed the Cost? A study of a population of nearly 2,500 companies indicated that those with no material weaknesses in their internal controls, or companies that corrected them in a timely manner, experienced much greater increases in share prices than companies that did not. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-16#cite_note-16" [17] HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-17#cite_note-17" [18]The report indicated that the benefits to a compliant company in share price (10% above Russell 3000 index) were greater than their SOX Section 404 costs. Institute of Internal Auditors (2005): The research paper indicates that corporations have improved their internal controls and that financial statements are perceived to be more reliable. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-18#cite_note-18" [19] [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=7" \o "Edit section: Effects on exchange listing choice of non-US companies" edit]Effects on exchange listing choice of non-US companies Some have asserted that Sarbanes-Oxley legislation has helped displace business from New York to London, where the HYPERLINK "http://en.wikipedia.org/wiki/Financial_Services_Authority" \o "Financial Services Authority" Financial Services Authorityregulates the financial sector with a lighter touch. In the UK, the non-statutory Combined Code of Corporate Governance plays a somewhat similar role to SOX. See Howell E. Jackson & Mark J. Roe, Public Enforcement of Securities Laws: Preliminary Evidence (Working Paper January 16, 2007). The HYPERLINK "http://en.wikipedia.org/wiki/Alternative_Investment_Market" \o "Alternative Investment Market" Alternative Investment Marketclaims that its spectacular growth in listings almost entirely coincided with the Sarbanes Oxley legislation. In December 2006 HYPERLINK "http://en.wikipedia.org/wiki/Michael_Bloomberg" \o "Michael Bloomberg" Michael Bloomberg, New York's mayor, and HYPERLINK "http://en.wikipedia.org/wiki/Charles_Schumer" \o "Charles Schumer" Charles Schumer, a US senator, expressed their concern. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-19#cite_note-19" [20] The Sarbanes-Oxley Act's effect on non-US companies cross-listed in the US is different on firms from HYPERLINK "http://en.wikipedia.org/wiki/Developed_country" \o "Developed country" developedand well regulated countries than on firms from less developed countries according to Kate Litvak. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-20#cite_note-20" [21]Companies from badly regulated countries benefit from better credit ratings by complying to regulations in a highly regulated country (USA) that is higher than the cost, but companies from developed countries only incur the cost, since transparency is adequate in their home countries as well. On the other hand, the benefit of better credit rating also comes with listing on other stock exchanges such as the HYPERLINK "http://en.wikipedia.org/wiki/London_Stock_Exchange" \o "London Stock Exchange" London Stock Exchange. Piotroski and Srinivasan (2008) examine a comprehensive sample of international companies that list onto U.S. and U.K. stock exchanges before and after the enactment of the Act in 2002. Using a sample of all listing events onto U.S. and U.K. exchanges from 1995-2006, they find that the listing preferences of large foreign firms choosing between U.S. exchanges and the LSE's Main Market did not change following SOX. In contrast, they find that the likelihood of a U.S. listing among small foreign firms choosing between the Nasdaq and LSE's Alternative Investment Market decreased following SOX. The negative effect among small firms is consistent with these companies being less able to absorb the incremental costs associated with SOX compliance. The screening of smaller firms with weaker governance attributes from U.S. exchanges is consistent with the heightened governance costs imposed by the Act increasing the bonding-related benefits of a U.S. listing. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-21#cite_note-21" [22] [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=8" \o "Edit section: Implementation of key provisions" edit]Implementation of key provisions [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=9" \o "Edit section: Sarbanes-Oxley Section 302: Internal controls" edit]Sarbanes-Oxley Section 302: Internal controls Under Sarbanes-Oxley, two separate sections came into effectone civil and the other criminal. HYPERLINK "http://en.wikipedia.org/wiki/Title_15_of_the_United_States_Code" \o "Title 15 of the United States Code" 15 U.S.C. HYPERLINK "http://www.law.cornell.edu/uscode/15/7241.html" \o "http://www.law.cornell.edu/uscode/15/7241.html" 7241(Section 302) (civil provision); HYPERLINK "http://en.wikipedia.org/wiki/Title_18_of_the_United_States_Code" \o "Title 18 of the United States Code" 18 U.S.C. HYPERLINK "http://www.law.cornell.edu/uscode/18/1350.html" \o "http://www.law.cornell.edu/uscode/18/1350.html" 1350(Section 906) (criminal provision). Section 302 of the Act mandates a set of internal procedures designed to ensure accurate financial disclosure. The signing officers must certify that they are responsible for establishing and maintaining HYPERLINK "http://en.wikipedia.org/wiki/Internal_control" \o "Internal control" internal controls and have designed such internal controls to ensure that material information relating to the HYPERLINK "http://en.wikipedia.org/wiki/Company" \o "Company" companyand its HYPERLINK "http://en.wikipedia.org/wiki/Subsidiary" \o "Subsidiary" consolidated subsidiariesis made known to such officers by others within those entities, particularly during the period in which the periodic reports are being prepared. HYPERLINK "http://en.wikipedia.org/wiki/Title_15_of_the_United_States_Code" \o "Title 15 of the United States Code" 15 U.S.C. HYPERLINK "http://www.law.cornell.edu/uscode/15/7241.html" \l "a_4" \o "http://www.law.cornell.edu/uscode/15/7241.html#a_4" 7241(a)(4). The officers must have evaluated the effectiveness of the HYPERLINK "http://en.wikipedia.org/wiki/Company" \o "Company" companys internal controls as of a date within 90 days prior to the report and have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date.Id.. The SEC interpreted the intention of Sec. 302 in Final Rule 33-8124. In it, the SEC defines the new term " HYPERLINK "http://en.wikipedia.org/wiki/Disclosure" \o "Disclosure" disclosurecontrols and procedures", which are distinct from " HYPERLINK "http://en.wikipedia.org/wiki/Internal_control" \o "Internal control" internal controlsover HYPERLINK "http://en.wikipedia.org/wiki/Financial_reporting" \o "Financial reporting" financial reporting". HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-22#cite_note-22" [23]Under both Section 302 and Section 404, Congress directed the SEC to promulgate regulations enforcing these provisions. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-23#cite_note-23" [24] External auditors are required to issue an opinion on whether effective internal control over financial reporting was maintained in all material respects by management. This is in addition to the financial statement opinion regarding the accuracy of the financial statements. The requirement to issue a third opinion regarding management's assessment was removed in 2007. [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=10" \o "Edit section: Sarbanes-Oxley Section 404: Assessment of internal control" edit]Sarbanes-Oxley Section 404: Assessment of internal control Further information: HYPERLINK "http://en.wikipedia.org/wiki/SOX_404_top-down_risk_assessment" \o "SOX 404 top-down risk assessment" SOX 404 top-down risk assessment The most contentious aspect of SOX is Section 404, which requires management and the external auditor to report on the adequacy of the company's internal control over financial reporting (ICFR). This is the most costly aspect of the legislation for companies to implement, as documenting and testing important financial manual and automated controls requires enormous effort. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-24#cite_note-24" [25] Under Section 404 of the Act, management is required to produce an internal control report as part of each annual Exchange Act report.See HYPERLINK "http://en.wikipedia.org/wiki/Title_15_of_the_United_States_Code" \o "Title 15 of the United States Code" 15 U.S.C. HYPERLINK "http://www.law.cornell.edu/uscode/15/7262.html" \o "http://www.law.cornell.edu/uscode/15/7262.html" 7262. The report must affirm the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting. HYPERLINK "http://en.wikipedia.org/wiki/Title_15_of_the_United_States_Code" \o "Title 15 of the United States Code" 15 U.S.C. HYPERLINK "http://www.law.cornell.edu/uscode/15/7262.html" \l "a" \o "http://www.law.cornell.edu/uscode/15/7262.html#a" 7262(a). The report must also contain an assessment, as of the end of the most recent fiscal year of the HYPERLINK "http://en.wikipedia.org/wiki/Company" \o "Company" Company, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting. To do this, managers are generally adopting an internal control framework such as that described in HYPERLINK "http://en.wikipedia.org/wiki/Committee_of_Sponsoring_Organizations_of_the_Treadway_Commission" \o "Committee of Sponsoring Organizations of the Treadway Commission" COSO. To help alleviate the high costs of compliance, guidance and practice have continued to evolve. The HYPERLINK "http://en.wikipedia.org/wiki/Public_Company_Accounting_Oversight_Board" \o "Public Company Accounting Oversight Board" Public Company Accounting Oversight Board(PCAOB) approved HYPERLINK "http://en.wikipedia.org/wiki/Audit" \o "Audit" AuditingStandard No. 5 for public accounting firms on July 25, 2007. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-25#cite_note-25" [26]This standard superseded Auditing Standard No. 2, the initial guidance provided in 2004. The SEC also released its interpretive guidance HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-26#cite_note-26" [27]on June 27, 2007. It is generally consistent with the PCAOB's guidance, but intended to provide guidance for management. Both management and the external auditor are responsible for performing their assessment in the context of a HYPERLINK "http://en.wikipedia.org/wiki/SOX_404_top-down_risk_assessment" \o "SOX 404 top-down risk assessment" top-down risk assessment, which requires management to base both the scope of its assessment and evidence gathered on risk. This gives management wider discretion in its assessment approach. These two standards together require management to: Assess both the design and operating effectiveness of selected internal controls related to significant accounts and relevant assertions, in the context of material misstatement risks; Understand the flow of transactions, including IT aspects, sufficient enough to identify points at which a misstatement could arise; Evaluate company-level (entity-level) controls, which correspond to the components of the HYPERLINK "http://en.wikipedia.org/wiki/COSO" \o "COSO" COSOframework; Perform a fraud risk assessment; Evaluate controls designed to HYPERLINK "http://en.wikipedia.org/wiki/Fraud_deterrence" \o "Fraud deterrence" prevent or detect fraud, including management override of controls; Evaluate controls over the period-end HYPERLINK "http://en.wikipedia.org/wiki/Finance" \o "Finance" financialreporting process; Scale the assessment based on the size and complexity of the company; Rely on management's work based on factors such as competency, objectivity, and risk; Conclude on the adequacy of internal control over financial reporting. SOX 404 compliance costs represent a tax on inefficiency, encouraging companies to centralize and automate their financial reporting systems. This is apparent in the comparative costs of companies with decentralized operations and systems, versus those with centralized, more efficient systems. For example, the 2007 FEI survey indicated average compliance costs for decentralized companies were $1.9 million, while centralized company costs were $1.3 million. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-27#cite_note-27" [28]Costs of evaluating manual control procedures are dramatically reduced through automation. [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=11" \o "Edit section: Sarbanes-Oxley 404 and smaller public companies" edit]Sarbanes-Oxley 404 and smaller public companies The cost of complying with SOX 404 impacts smaller companies disproportionately, as there is a significant fixed cost involved in completing the assessment. For example, during 2004 U.S. companies with revenues exceeding $5 billion spent 0.06% of revenue on SOX compliance, while companies with less than $100 million in revenue spent 2.55%. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-28#cite_note-28" [29] This disparity is a focal point of 2007 SEC and U.S. Senate action. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-29#cite_note-29" [30]The PCAOB intends to issue further guidance to help companies scale their assessment based on company size and complexity during 2007. The SEC issued their guidance to management in June, 2007. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-30#cite_note-30" [31] After the SEC and PCAOB issued their guidance, the SEC required smaller public companies (non-accelerated filers) with fiscal years ending after December 15, 2007 to document a Management Assessment of their Internal Controls over Financial Reporting (ICFR). Outside auditors of non-accelerated filers however opine or test internal controls under PCAOB (Public Company Accounting Oversight Board) Auditing Standards for years ending after December 15, 2008. Another extension was granted by the SEC for the outside auditor assessment until years ending after December 15, 2009. The reason for the timing disparity was to address the House Committee on Small Business concern that the cost of complying with Section 404 of the Sarbanes-Oxley Act of 2002 was still unknown and could therefore be disproportionately high for smaller publicly held companies. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-31#cite_note-31" [32] [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=12" \o "Edit section: Sarbanes-Oxley Section 802: Criminal penalties for violation of SOX" edit]Sarbanes-Oxley Section 802: Criminal penalties for violation of SOX Section 802(a) of the SOX, HYPERLINK "http://en.wikipedia.org/wiki/Title_18_of_the_United_States_Code" \o "Title 18 of the United States Code" 18 U.S.C. HYPERLINK "http://www.law.cornell.edu/uscode/18/1519.html" \o "http://www.law.cornell.edu/uscode/18/1519.html" 1519states: Whoever knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the investigation or proper administration of any matter within the jurisdiction of any department or agency of the United States or any case filed under title 11, or in relation to or contemplation of any such matter or case, shall be fined under this title, imprisoned not more than 20 years, or both.[ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=13" \o "Edit section: Sarbanes-Oxley Section 1107: Criminal penalties for retaliation against whistleblowers" edit]Sarbanes-Oxley Section 1107: Criminal penalties for retaliation against whistleblowers Section 1107 of the SOX HYPERLINK "http://en.wikipedia.org/wiki/Title_18_of_the_United_States_Code" \o "Title 18 of the United States Code" 18 U.S.C. HYPERLINK "http://www.law.cornell.edu/uscode/18/1513.html" \l "e" \o "http://www.law.cornell.edu/uscode/18/1513.html#e" 1513(e)states: HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-32#cite_note-32" [33] Whoever knowingly, with the intent to retaliate, takes any action harmful to any person, including interference with the lawful employment or livelihood of any person, for providing to a law enforcement officer any truthful information relating to the commission or possible commission of any federal offense, shall be fined under this title, imprisoned not more than 10 years, or both.[ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=14" \o "Edit section: Criticism" edit]Criticism Congressman HYPERLINK "http://en.wikipedia.org/wiki/Ron_Paul" \o "Ron Paul" Ron Pauland others contend that SOX was an unnecessary and costly government intrusion into corporate management that places U.S. corporations at a competitive disadvantage with foreign firms, driving businesses out of the United States. In an HYPERLINK "http://en.wikipedia.org/wiki/April_14" \o "April 14" April 14, HYPERLINK "http://en.wikipedia.org/wiki/2005" \o "2005" 2005speech before the U.S. House of Representatives, Paul stated, "These regulations are damaging American capital markets by providing an incentive for small US firms and foreign firms to deregister from US stock exchanges. According to a study by Wharton Business School, the number of American companies deregistering from public stock exchanges nearly tripled during the year after Sarbanes-Oxley became law, while the New York Stock Exchange had only 10 new foreign listings in all of 2004. The reluctance of small businesses and foreign firms to register on American stock exchanges is easily understood when one considers the costs Sarbanes-Oxley imposes on businesses. According to a survey by HYPERLINK "http://en.wikipedia.org/wiki/Korn/Ferry" \o "Korn/Ferry" Korn/FerryInternational, Sarbanes-Oxley cost Fortune 500 companies an average of $5.1 million in compliance expenses in 2004, while a study by the law firm of Foley and Lardner found the Act increased costs associated with being a publicly held company by 130 percent." HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-33#cite_note-33" [34] A research study published by Joseph Piotroski of Stanford University and Suraj Srinivasan of Harvard Business School titled "Regulation and Bonding: Sarbanes Oxley Act and the Flow of International Listings" in the Journal of Accounting Research in 2008 found that following the act's passage, smaller international companies were more likely to list in stock exchanges in the U.K. rather than U.S. stock exchanges. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-34#cite_note-34" [35] During the financial crisis, critics blamed Sarbanes-Oxley for the low number of Initial Public Offerings (IPOs) on American stock exchanges during 2008. In November 2008, HYPERLINK "http://en.wikipedia.org/wiki/Newt_Gingrich" \o "Newt Gingrich" Newt Gingrichand co-author David W. Kralik called on Congress to repeal Sarbanes-Oxley. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-35#cite_note-35" [36] A December 21, 2008 HYPERLINK "http://en.wikipedia.org/wiki/Wall_St._Journal" \o "Wall St. Journal" Wall St. Journaleditorial stated, "The new laws and regulations have neither prevented frauds nor instituted fairness. But they have managed to kill the creation of new public companies in the U.S., cripple the venture capital business, and damage entrepreneurship. According to the National Venture Capital Association, in all of 2008 there have been just six companies that have gone public. Compare that with 269 IPOs in 1999, 272 in 1996, and 365 in 1986." Hoover's IPO Scorecard notes 31 IPOs in 2008 HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-36#cite_note-36" [37]. The editorial concludes that: "For all of this, we can first thank Sarbanes-Oxley. Cooked up in the wake of accounting scandals earlier this decade, it has essentially killed the creation of new public companies in America, hamstrung the NYSE and Nasdaq (while making the London Stock Exchange rich), and cost U.S. industry more than $200 billion by some estimates." HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-37#cite_note-37" [38] Previously the number of IPOs had declined to 87 in 2001, well down from the highs, but before Sarbanes-Oxley was passed. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-38#cite_note-38" [39]In 2004, IPOs were up 195% from the previous year to 233. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-39#cite_note-39" [40]. There were 196 IPOs in 2005, 205 in 2006 (with a sevenfold increase in deals over $1 billion) and 209 in 2007. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-40#cite_note-40" [41] HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-41#cite_note-41" [42] [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=15" \o "Edit section: Praise" edit]Praise Former Federal Reserve Chairman HYPERLINK "http://en.wikipedia.org/wiki/Alan_Greenspan" \o "Alan Greenspan" Alan Greenspanpraised the Sarbanes-Oxley Act: "I am surprised that the Sarbanes-Oxley Act, so rapidly developed and enacted, has functioned as well as it has...the act importantly reinforced the principle that shareholders own our corporations and that corporate managers should be working on behalf of shareholders to allocate business resources to their optimum use. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-42#cite_note-42" [43] SOX has been praised by a cross-section of financial industry experts, citing improved investor confidence and more accurate, reliable financial statements. The CEO and CFO are now required to unequivocally take ownership for their financial statements under Section 302, which was not the case prior to SOX. Further, auditor conflicts of interest have been addressed, by prohibiting auditors from also having lucrative consulting agreements with the firms they audit under Section 201. SEC Chairman Christopher Cox stated in 2007: "Sarbanes-Oxley helped restore trust in U.S. markets by increasing accountability, speeding up reporting, and making audits more independent." HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-43#cite_note-43" [44] The FEI 2007 study and research by the Institute of Internal Auditors (IIA) also indicate SOX has improved investor confidence in financial reporting, a primary objective of the legislation. The IIA study also indicated improvements in board, audit committee, and senior management engagement in financial reporting and improvements in financial controls. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-44#cite_note-44" [45] HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-45#cite_note-45" [46] Financial restatements increased significantly in the wake of the SOX legislation and have since dramatically declined, as companies "cleaned up" their books. Glass, Lewis & Co. LLC is a San Francisco-based firm that tracks the volume of do-overs by public companies. Its March 2006 report, "Getting It Wrong the First Time," shows 1,295 restatements of financial earnings in 2005 for companies listed on U.S. securities markets, almost twice the number for 2004. "That's about one restatement for every 12 public companiesup from one for every 23 in 2004," says the report. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-46#cite_note-46" [47] [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=16" \o "Edit section: Legal challenges" edit]Legal challenges A lawsuit (Free Enterprise Fund v. Public Company Accounting Oversight Board) was filed in 2006 challenging the constitutionality (legality) of the PCAOB. The complaint argues that because the PCAOB has regulatory powers over the accounting industry, its officers should be appointed by the President, rather than the SEC. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-47#cite_note-47" [48]Further, because the law lacks a "severability clause," if part of the law is judged unconstitutional, so is the remainder. If the plaintiff prevails, the U.S. Congress may have to devise a different method of officer appointment. Further, the other parts of the law may be open to revision. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-48#cite_note-48" [49]The lawsuit was dismissed from a District Court; the decision was upheld by the Court of Appeals on August 22, 2008. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-49#cite_note-49" [50]Judge Kavanaugh, in his dissent, argued strongly against the constitutionality of the law. HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_note-50#cite_note-50" [51]On May 18, 2009, The United States Supreme Court agreed to hear this case.  HYPERLINK "http://en.wikisource.org/wiki/Special:Search/Sarbanes-Oxley_Act" \o "Search Wikisource"  INCLUDEPICTURE "http://upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/40px-Wikisource-logo.svg.png" \* MERGEFORMATINET  HYPERLINK "http://en.wikipedia.org/wiki/Wikisource" \o "Wikisource" Wikisourcehas original text related to this article:  HYPERLINK "http://en.wikisource.org/wiki/Sarbanes-Oxley_Act_of_2002" \o "wikisource:Sarbanes-Oxley Act of 2002" Sarbanes-Oxley Act of 2002[ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=17" \o "Edit section: Legislative information" edit]Legislative information  HYPERLINK "http://en.wikipedia.org/wiki/United_States_House_of_Representatives" \o "United States House of Representatives" House: HYPERLINK "http://hdl.loc.gov/loc.uscongress/legislation.107hr3763" \o "http://hdl.loc.gov/loc.uscongress/legislation.107hr3763" H.R.3763, H. Rept. 107-414, H. Rept. 107-610  HYPERLINK "http://en.wikipedia.org/wiki/United_States_Senate" \o "United States Senate" Senate: HYPERLINK "http://hdl.loc.gov/loc.uscongress/legislation.107s2673" \o "http://hdl.loc.gov/loc.uscongress/legislation.107s2673" S.2673, S. Rept. 107-205 Law: HYPERLINK "http://www.gpo.gov/fdsys/pkg/PLAW-107publ204/content-detail.html" \o "http://www.gpo.gov/fdsys/pkg/PLAW-107publ204/content-detail.html" Pub.L. 107-204, 116 HYPERLINK "http://en.wikipedia.org/wiki/United_States_Statutes_at_Large" \o "United States Statutes at Large" Stat.745 [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=18" \o "Edit section: See also" edit]See also  HYPERLINK "http://en.wikipedia.org/wiki/Information_technology_audit" \o "Information technology audit" Information technology audit  HYPERLINK "http://en.wikipedia.org/wiki/Information_technology_controls" \o "Information technology controls" Information technology controls  HYPERLINK "http://en.wikipedia.org/wiki/ISO_17799" \o "ISO 17799" ISO 17799  HYPERLINK "http://en.wikipedia.org/wiki/Richard_M._Scrushy" \o "Richard M. Scrushy" Richard M. Scrushy, CEO of HYPERLINK "http://en.wikipedia.org/wiki/HealthSouth" \o "HealthSouth" HealthSouth, the first executive charged and to be acquitted under Sarbanes-Oxley  HYPERLINK "http://en.wikipedia.org/wiki/Basel_Accord" \o "Basel Accord" Basel Accord  HYPERLINK "http://en.wikipedia.org/wiki/Reg_FD" \o "Reg FD" Reg FD  HYPERLINK "http://en.wikipedia.org/wiki/Contract_Management" \o "Contract Management" Contract Management  HYPERLINK "http://en.wikipedia.org/wiki/Agency_cost" \o "Agency cost" Agency cost  HYPERLINK "http://en.wikipedia.org/wiki/Data_Loss_Prevention" \o "Data Loss Prevention" Data Loss Prevention  HYPERLINK "http://en.wikipedia.org/wiki/Data_governance" \o "Data governance" Data governance [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=19" \o "Edit section: Similar laws in other countries" edit]Similar laws in other countries  HYPERLINK "http://en.wikipedia.org/wiki/Bill_198" \o "Bill 198" Bill 198 Ontario, Canada, equivalent of Sarbanes-Oxley Act  HYPERLINK "http://en.wikipedia.org/wiki/J-SOX" \o "J-SOX" J-SOX Japanese equivalent of Sarbanes-Oxley Act  HYPERLINK "http://de.wikipedia.org/wiki/Deutscher_Corporate_Governance_Kodex" \o "de:Deutscher Corporate Governance Kodex" German Corporate Governance Code(at the German Wikipedia)  HYPERLINK "http://en.wikipedia.org/wiki/Corporate_Law_Economic_Reform_Program_Act_2004" \o "Corporate Law Economic Reform Program Act 2004" CLERP9 Australian corporate reporting and disclosure law  HYPERLINK "http://en.wikipedia.org/wiki/Financial_Security_Law_of_France" \o "Financial Security Law of France" Financial Security Law of France("Loi sur la Scurit Financire") French equivalent of Sarbanes-Oxley Act  HYPERLINK "http://en.wikipedia.org/w/index.php?title=L262/2005&action=edit&redlink=1" \o "L262/2005 (page does not exist)" L262/2005("Disposizioni per la tutela del risparmio e la disciplina dei mercati finanziari") Italian equivalent of Sarbanes-Oxley Act for financial services institutions  HYPERLINK "http://en.wikipedia.org/wiki/King_Report" \o "King Report" King Report South African corporate governance code [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=20" \o "Edit section: References" edit]References ^ HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-Bumiller2002_0-0#cite_ref-Bumiller2002_0-0" a HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-Bumiller2002_0-1#cite_ref-Bumiller2002_0-1" bBumiller, Elisabeth (2002-07-31). " HYPERLINK "http://query.nytimes.com/gst/fullpage.html?res=9C01E0D91E38F932A05754C0A9649C8B63" \o "http://query.nytimes.com/gst/fullpage.html?res=9C01E0D91E38F932A05754C0A9649C8B63" Bush Signs Bill Aimed at Fraud in Corporations". HYPERLINK "http://en.wikipedia.org/wiki/The_New_York_Times" \o "The New York Times" The New York Times.  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-1#cite_ref-1" ^A Mckinsey & Company study commissioned by NYC Mayor Michael Bloomberg and U.S. Sen. Charles Schumer, (D-N.Y.), cites this as one reason America's financial sector is losing market share to other financial centers worldwide. Reference HYPERLINK "http://www.senate.gov/~schumer/SchumerWebsite/pressroom/special_reports/2007/NY_REPORT%20_FINAL.pdf" \o "http://www.senate.gov/~schumer/SchumerWebsite/pressroom/special_reports/2007/NY_REPORT%20_FINAL.pdf" http://www.senate.gov/~schumer/SchumerWebsite/pressroom/special_reports/2007/NY_REPORT%20_FINAL.pdf  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-2#cite_ref-2" ^Kuschnik, Bernhard; The Sarbanes Oxley Act: "Big Brother is watching" you or Adequate Measures of Corporate Governance Regulation? 5 Rutgers Business Law Journal [2008], 64 - 95; available at HYPERLINK "http://businesslaw.newark.rutgers.edu/RBLJ_vol5_no1_kuschnik.pdf" \o "http://businesslaw.newark.rutgers.edu/RBLJ_vol5_no1_kuschnik.pdf" http://businesslaw.newark.rutgers.edu/RBLJ_vol5_no1_kuschnik.pdf  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-3#cite_ref-3" ^Farrell, Greg."America Robbed Blind."Wizard Academy Press: 2005  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-4#cite_ref-4" ^ HYPERLINK "http://findarticles.com/p/articles/mi_m0NXD/is_1_11/ai_n25101748/print?tag=artBody;col1" \o "http://findarticles.com/p/articles/mi_m0NXD/is_1_11/ai_n25101748/print?tag=artBody;col1" Sarbanes Interview  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-5#cite_ref-5" ^ HYPERLINK "http://www.sec.gov/foia/docs/budgetact.htm" \o "http://www.sec.gov/foia/docs/budgetact.htm" SEC Annual Budget  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-6#cite_ref-6" ^ HYPERLINK "http://www.sec.gov/news/speech/speecharchive/1998/spch220.txt" \o "http://www.sec.gov/news/speech/speecharchive/1998/spch220.txt" SEC Levitt Speech The Numbers Game  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-7#cite_ref-7" ^" HYPERLINK "http://www.economist.com/displaystory.cfm?story_id=9545905" \o "http://www.economist.com/displaystory.cfm?story_id=9545905" Five years of Sarbanes-Oxley". HYPERLINK "http://en.wikipedia.org/wiki/The_Economist" \o "The Economist" The Economist. 2007-07-26.  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-Shakespeare_8-0#cite_ref-Shakespeare_8-0" ^Shakespeare, Catharine (2008). "Sarbanes-Oxley Act of 2002 Five Years On: What Have We Learned?".Journal of Business & Technology Law: 333.  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-9#cite_ref-9" ^ HYPERLINK "http://fei.mediaroom.com/index.php?s=43&item=204" \o "http://fei.mediaroom.com/index.php?s=43&item=204" FEI 2007 Survey of SOX 404 Costs  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-10#cite_ref-10" ^ HYPERLINK "http://fei.mediaroom.com/index.php?s=press_releases&item=187" \o "http://fei.mediaroom.com/index.php?s=press_releases&item=187" FEI 2006 Survey of SOX 404 Costs  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-11#cite_ref-11" ^ HYPERLINK "http://www.foley.com/news/news_detail.aspx?newsid=3074" \o "http://www.foley.com/news/news_detail.aspx?newsid=3074" Foley & Lardner 2007 Study  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-12#cite_ref-12" ^ HYPERLINK "http://w4.stern.nyu.edu/accounting/docs/speaker_papers/spring2005/Zhang_Ivy_Economic_Consequences_of_S_O.pdf" \o "http://w4.stern.nyu.edu/accounting/docs/speaker_papers/spring2005/Zhang_Ivy_Economic_Consequences_of_S_O.pdf" Zhang-Economic Costs of SOX  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-13#cite_ref-13" ^ HYPERLINK "http://papers.ssrn.com/sol3/papers.cfm?abstract_id=983772" \o "http://papers.ssrn.com/sol3/papers.cfm?abstract_id=983772" The Effect of the Sarbanes-Oxley Act (Section 404) Management's Report on Audit Fees, Accruals and Stock Returns  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-14#cite_ref-14" ^ HYPERLINK "http://www.aei.org/book/855" \o "http://www.aei.org/book/855" The Sarbanes-Oxley Debacle  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-15#cite_ref-15" ^ HYPERLINK "http://www.wbur.org/news/local/icd/icd.pdf" \o "http://www.wbur.org/news/local/icd/icd.pdf" The Effect of Internal Control Deficiencies on Firm Risk and Cost of Capital  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-16#cite_ref-16" ^ HYPERLINK "http://www.section404.org/pdf/Lord%20&%20Benoit%20Report%20Do%20the%20Benefits%20of%20404%20Exceed%20the%20Cost.pdf" \o "http://www.section404.org/pdf/Lord%20&%20Benoit%20Report%20Do%20the%20Benefits%20of%20404%20Exceed%20the%20Cost.pdf" Lord & Benoit Report  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-17#cite_ref-17" ^ HYPERLINK "http://www.section404.org/pdf/09_wall_street_journal.pdf" \o "http://www.section404.org/pdf/09_wall_street_journal.pdf" Benoit WSJ  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-18#cite_ref-18" ^ HYPERLINK "http://www.theiia.org/research/research-reports/chronological-listing-research-reports/downloadable-research-reports/?i=248" \o "http://www.theiia.org/research/research-reports/chronological-listing-research-reports/downloadable-research-reports/?i=248" IIA Research SOX Looking at the Benefits  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-19#cite_ref-19" ^ HYPERLINK "http://www.senate.gov/~schumer/SchumerWebsite/pressroom/special_reports/2007/NY_REPORT%20_FINAL.pdf" \o "http://www.senate.gov/~schumer/SchumerWebsite/pressroom/special_reports/2007/NY_REPORT%20_FINAL.pdf" Bloomberg-Schumer report  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-20#cite_ref-20" ^ HYPERLINK "http://papers.ssrn.com/sol3/papers.cfm?abstract_id=876624" \o "http://papers.ssrn.com/sol3/papers.cfm?abstract_id=876624" SSRN-The Effect of the Sarbanes-Oxley Act on Non-US Companies Cross-Listed in the US by Kate Litvak  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-21#cite_ref-21" ^Piotroski, Joseph D. and Srinivasan, Suraj, Regulation and Bonding: The Sarbanes-Oxley Act and the Flow of International Listings(January 2008). Available at SSRN: HYPERLINK "http://ssrn.com/abstract=956987" \o "http://ssrn.com/abstract=956987" http://ssrn.com/abstract=956987  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-22#cite_ref-22" ^ HYPERLINK "http://www.sec.gov/rules/final/33-8124.htm" \o "http://www.sec.gov/rules/final/33-8124.htm" http://www.sec.gov/rules/final/33-8124.htm  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-23#cite_ref-23" ^ HYPERLINK "http://www.sec.gov/rules/final/33-8238.htm." \o "http://www.sec.gov/rules/final/33-8238.htm." SEC Final Rules 33-8238  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-24#cite_ref-24" ^ HYPERLINK "http://www.heritage.org/CDA/upload/SOX-CDA-edited-3.pdf" \o "http://www.heritage.org/CDA/upload/SOX-CDA-edited-3.pdf" See New Center for Data Analysis Report  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-25#cite_ref-25" ^ HYPERLINK "http://www.pcaob.org/Rules/Docket_021/2007-06-12_Release_No_2007-005A.pdf" \o "http://www.pcaob.org/Rules/Docket_021/2007-06-12_Release_No_2007-005A.pdf" PCAOB Auditing Standard No. 5  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-26#cite_ref-26" ^ HYPERLINK "http://www.sec.gov/rules/interp/2007/33-8810.pdf" \o "http://www.sec.gov/rules/interp/2007/33-8810.pdf" SEC Interpretive Guidance  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-27#cite_ref-27" ^ HYPERLINK "http://fei.mediaroom.com/index.php?s=43&item=204" \o "http://fei.mediaroom.com/index.php?s=43&item=204" FEI Survey 2007  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-28#cite_ref-28" ^ HYPERLINK "http://www.sec.gov/info/smallbus/acspc/acspc-finalreport.pdf" \o "http://www.sec.gov/info/smallbus/acspc/acspc-finalreport.pdf" SEC Advisory Cmte. Report - See charts on pages 33-34.  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-29#cite_ref-29" ^ HYPERLINK "http://dodd.senate.gov/index.php?q=node/3852" \o "http://dodd.senate.gov/index.php?q=node/3852" Dodd-Shelby Amendment  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-30#cite_ref-30" ^ HYPERLINK "http://www.sec.gov/rules/interp/2007/33-8810.pdf" \o "http://www.sec.gov/rules/interp/2007/33-8810.pdf" SEC 2007 SOX Guidance  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-31#cite_ref-31" ^ HYPERLINK "http://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID978834_code607342.pdf?abstractid=978834&mirid=3" \o "http://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID978834_code607342.pdf?abstractid=978834&mirid=3" Sarbanes-Oxley: Progressive Punishment for Regressive Victimization, 44 Hous. L. Rev. 95 (2007)  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-32#cite_ref-32" ^Stephen M. Kohn, Michael D. Kohn, and David K. Colapinto (2004). Whistleblower Law: A Guide to Legal Protections for Corporate Employees. Praeger Publishers. HYPERLINK "http://en.wikipedia.org/wiki/Special:BookSources/0275981274" ISBN 0-275-98127-4  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-33#cite_ref-33" ^ HYPERLINK "http://www.house.gov/paul/congrec/congrec2005/cr041405.htm" \o "http://www.house.gov/paul/congrec/congrec2005/cr041405.htm" Repeal Sarbanes-Oxley!Ron Paul, April 14, 2005  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-34#cite_ref-34" ^Piotroski, Joseph D. and Srinivasan, Suraj, Regulation and Bonding: The Sarbanes-Oxley Act and the Flow of International Listings(January 2008). Available at SSRN: HYPERLINK "http://ssrn.com/abstract=956987" \o "http://ssrn.com/abstract=956987" http://ssrn.com/abstract=956987  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-35#cite_ref-35" ^ HYPERLINK "http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/05/ED2813T8O9.DTL" \o "http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/05/ED2813T8O9.DTL" Gingrich  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-36#cite_ref-36" ^ HYPERLINK "http://www.hoovers.com/business-information/--pageid__16750--/global-corp-press-index.xhtml" \o "http://www.hoovers.com/business-information/--pageid__16750--/global-corp-press-index.xhtml" http://www.hoovers.com/business-information/--pageid__16750--/global-corp-press-index.xhtmlHoover's IPO Scorecard Reveals Major Decline In 2008  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-37#cite_ref-37" ^ HYPERLINK "http://online.wsj.com/article/SB122990472028925207.html" \o "http://online.wsj.com/article/SB122990472028925207.html" Washington Is Killing Silicon Valley, Wall St. Journal, December 21, 2008  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-38#cite_ref-38" ^ HYPERLINK "http://www.hoovers.com/business-information/--pageid__4046--/global-corp-press-index.xhtmlr" \o "http://www.hoovers.com/business-information/--pageid__4046--/global-corp-press-index.xhtmlr" http://www.hoovers.com/business-information/--pageid__4046--/global-corp-press-index.xhtmlr  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-39#cite_ref-39" ^ HYPERLINK "http://www.hoovers.com/business-information" \o "http://www.hoovers.com/business-information" http://www.hoovers.com/business-informationNumber of IPOs in 2004 Increased by 195%  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-40#cite_ref-40" ^ HYPERLINK "http://www.hoovers.com/business-information/--pageid__15824--/global-corp-press-index.xhtml" \o "http://www.hoovers.com/business-information/--pageid__15824--/global-corp-press-index.xhtml" http://www.hoovers.com/business-information/--pageid__15824--/global-corp-press-index.xhtmlHoover's IPO Scorecard Reveals Increase In Momentum In 2006, Along With Seven-Fold Increase In Number of $1 Billion-Plus Deals  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-41#cite_ref-41" ^ HYPERLINK "http://www.hoovers.com/business-information/--pageid__16356--/global-corp-press-index.xhtml" \o "http://www.hoovers.com/business-information/--pageid__16356--/global-corp-press-index.xhtml" http://www.hoovers.com/business-information/--pageid__16356--/global-corp-press-index.xhtmlHoover's IPO Scorecard Reveals Only Slight Growth in 2007.  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-42#cite_ref-42" ^ HYPERLINK "http://www.federalreserve.gov/boarddocs/speeches/2005/20050515/default.htm" \o "http://www.federalreserve.gov/boarddocs/speeches/2005/20050515/default.htm" Greenspan praises SOX  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-43#cite_ref-43" ^ HYPERLINK "http://www.usatoday.com/money/companies/regulation/2007-07-29-sarbanes-oxley_N.htm" \o "http://www.usatoday.com/money/companies/regulation/2007-07-29-sarbanes-oxley_N.htm" USA Today - SOX Law Has Been a Pretty Clean Sweep  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-44#cite_ref-44" ^ HYPERLINK "http://fei.mediaroom.com/index.php?s=43&item=204" \o "http://fei.mediaroom.com/index.php?s=43&item=204" FEI Survey  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-45#cite_ref-45" ^ HYPERLINK "http://www.theiia.org/research/research-reports/chronological-listing-research-reports/downloadable-research-reports/?i=248" \o "http://www.theiia.org/research/research-reports/chronological-listing-research-reports/downloadable-research-reports/?i=248" IIA Study  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-46#cite_ref-46" ^ HYPERLINK "http://www.glasslewis.com/downloads/Restatements2005Summary.pdf" \o "http://www.glasslewis.com/downloads/Restatements2005Summary.pdf" Glass Lewis Survey of Restatements  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-47#cite_ref-47" ^ HYPERLINK "http://online.wsj.com/public/resources/documents/PCAOBcomplaint.pdf" \o "http://online.wsj.com/public/resources/documents/PCAOBcomplaint.pdf" http://online.wsj.com/public/resources/documents/PCAOBcomplaint.pdf  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-48#cite_ref-48" ^ HYPERLINK "http://www.washingtonpost.com/wp-dyn/content/article/2008/07/19/AR2008071900106.html" \o "http://www.washingtonpost.com/wp-dyn/content/article/2008/07/19/AR2008071900106.html" Washington Post  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-49#cite_ref-49" ^ HYPERLINK "http://pcaob.org/News_and_Events/News/2008/08-22.aspx" \o "http://pcaob.org/News_and_Events/News/2008/08-22.aspx" PCAOB News Release  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \l "cite_ref-50#cite_ref-50" ^ HYPERLINK "http://www.nysun.com/editorials/sell-sarbanes-oxley/84635/" \o "http://www.nysun.com/editorials/sell-sarbanes-oxley/84635/" http://www.nysun.com/editorials/sell-sarbanes-oxley/84635/NY Sun Editorial [ HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit§ion=21" \o "Edit section: External links" edit]External links  HYPERLINK "http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=107_cong_bills&docid=f:h3763enr.tst.pdf" \o "http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=107_cong_bills&docid=f:h3763enr.tst.pdf" The text of the law (PDF) HYPERLINK "http://en.wikipedia.org/wiki/United_States_Government_Printing_Office" \o "United States Government Printing Office" U.S. Government Printing Office  HYPERLINK "http://www.presidency.ucsb.edu/ws/index.php?pid=64514" \o "http://www.presidency.ucsb.edu/ws/index.php?pid=64514" President Bush - Signing Statement  HYPERLINK "http://www.sec.gov/news/studies/principlesbasedstand.htm" \o "http://www.sec.gov/news/studies/principlesbasedstand.htm" Study Pursuant to Section 108(d) of the Sarbanes-Oxley Act of 2002 on the Adoption by the United States Financial Reporting System of a Principles-Based Accounting System  HYPERLINK "http://en.wikipedia.org/wiki/Special:Categories" \o "Special:Categories" Categories: HYPERLINK "http://en.wikipedia.org/wiki/Category:2002_in_law" \o "Category:2002 in law" 2002 in law| HYPERLINK "http://en.wikipedia.org/wiki/Category:Auditing" \o "Category:Auditing" Auditing| HYPERLINK "http://en.wikipedia.org/wiki/Category:Corporate_governance" \o "Category:Corporate governance" Corporate governance| HYPERLINK "http://en.wikipedia.org/wiki/Category:United_States_corporations_law" \o "Category:United States corporations law" United States corporations law| HYPERLINK "http://en.wikipedia.org/wiki/Category:United_States_federal_financial_legislation" \o "Category:United States federal financial legislation" United States federal financial legislation| HYPERLINK "http://en.wikipedia.org/wiki/Category:United_States_securities_law" \o "Category:United States securities law" United States securities law| HYPERLINK "http://en.wikipedia.org/wiki/Category:United_States_federal_securities_legislation" \o "Category:United States federal securities legislation" United States federal securities legislation  HYPERLINK "http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act" \o "View the content page [alt-c]" article  HYPERLINK "http://en.wikipedia.org/wiki/Talk:Sarbanes-Oxley_Act" \o "Discussion about the content page [alt-t]" discussion  HYPERLINK "http://en.wikipedia.org/w/index.php?title=Sarbanes-Oxley_Act&action=edit" \o "You can edit this page. 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CJOJPJQJ^JaJo(ph+#h3gB*CJOJQJ^JaJph*h3g0J>*B* CJOJQJ^JaJph+,jh3gB*CJOJQJU^JaJphB~iiiiiiiiijlalblcldlelflglllllllll,m-mImJmKmm駕|駕eQQ'h3g0JB*CJOJQJ^JaJph,jXh3gB* CJOJQJU^JaJph+,jh3gB* CJOJQJU^JaJph+U#h3gB* CJOJQJ^JaJph+,jh3gB* CJOJQJU^JaJph+#h3gB*CJOJQJ^JaJph1h3g0J>*B* CJOJPJQJ^JaJo(ph+,jh3gB*CJOJQJU^JaJphttp://en.wikipedia.org/skins-1.5/common/images/poweredby_mediawiki_88x31.png" \* MERGEFORMATINET   HYPERLINK "http://wikimediafoundation.org/"  INCLUDEPICTURE "http://en.wikipedia.org/images/wikimedia-button.png" \* MERGEFORMATINET  This page was last modified on 25 August 2009 at 03:24. 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HYPERLINK "http://wikimediafoundation.org/wiki/Privacy_policy" \o "wikimedia:Privacy policy" Privacy policy  HYPERLINK "http://en.wikipedia.org/wiki/Wikipedia:About" \o "Wikipedia:About" About Wikipedia  HYPERLINK "http://en.wikipedia.org/wiki/Wikipedia:General_disclaimer" \o "Wikipedia:General disclaimer" Disclaimers ,m.m o o{o}oooYpZp$ & F8dh-DM ]8^a$gd3g$hdh-DM ^ha$gd3g mmmmnnnVnWncndnennnnnnnn o o o ojokoyozo{o|o}o~oooooooooKpLpWpXpYpZph*('h3g0JB*CJOJQJ^JaJph#h3gB*CJOJQJ^JaJph*h3g0J>*B* CJOJQJ^JaJph+,jh3gB*CJOJQJU^JaJph,,1h/ =!"#$% ,Dd   s $A:þ250px-Sarbanes_bush_and_chaoyK yK http://en.wikipedia.org/wiki/File:Sarbanes_bush_and_chao.jpgyX;H,]ą'c"þ"Before the signing ceremony of the Sarbanes-Oxley Act, President George W. 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