THE SARBANES-OXLEY IMPACT

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THE SARBANES-OXLEY IMPACT

THE SARBANES-OXLEY IMPACT

 

An analysis of the impact of Sarbanes-Oxley Act can best be understood if some background information is analyzed concerning its genesis and the causes that necessitated its drafting.

THE SARBANES-OXLEY IMPACT

The main architects of the legislation were Representative Michael Oxley and Senator Paul Sarbanes. The act became law in 2002 when it was signed by former president Bush who described it as a great act with far reaching reforms in American business practices. It introduced considerable changes to the regulation of corporate governance and financial practice by enhancing financial disclosures and corporate responsibility.