Sarbanes-Oxley: An Overview of Current Issues and Concerns‪.‬

Abstract In July of 2002, the Public Company Accounting Reform and Investor Protection Act of 2002, [46], popularly known as Sarbanes-Oxley (hereinafter "SOX"), became law. The law, enacted largely in response to the Enron and WorldCom scandals, [43], has been described as the most sweeping and significant change in securities law since the 1930's. Politicians, including President Bush, [80], heralded the law's passage and characterized it as critically needed reform [45]. Business Week, in its periodic review of Congressional activity, applauded SOX as an example of quick Congressional response to the corporate scandals [6]. Since the enactment and implementation of SOX, politicians, academics, business persons and the media have reviewed its impact, costs and effectiveness.