It has been almost two years since the Sarbanes-Oxley Act was passed by Congress and signed into law. Adopted in the wake of Enron and other corporate scandals, the act and subsequent regulations by the New York Stock Exchange and Nasdaq mandated the dominance of corporate boards and audit committees by independent directors. It also established the first regulatory agency exclusively for auditors of public companies. The act has remained controversial, with many arguing that the act was unnecessary to address the ills reflected in Enron and other corporate accounting scandals, reduced the willingness of corporate management to take risks, and imposed significant costs on public companies and, hence, on investors. This conference will review these and other issues.
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