VOICES FROM THE INDUSTRY: After 5 years, it’s time to think about changing SOX
Almost five years ago, the Sarbanes-Oxley Act, or SOX, was passed in haste, largely in response to the large-scale securities frauds and market dislocations surrounding Worldcom, Enron and other large accounting scandals involving public firms. It imposed new federalized standards for internal controls, corporate governance, accounting independence and review, whistle-blowing and legal review. It represented the most important change to the federal securities laws since the passage of the Securities Act of 1933 and the Securities and Exchange Act of…