SEC boss defends SOX

The chairman of the Securities and Exchange Commission told Congress Thursday, April 21, that corporate reforms instituted in 2002 are having a positive impact and calls to weaken them are “unjustified.”
In testimony before the House Financial Services Committee, William Donaldson defended the Sarbanes-Oxley Act of 2002, or SOX, as the law is more affectionately known. SOX was enacted as the result of accounting scandals at Enron Corp., WorldCom Inc. and other public companies and requires a corporation's top executives to certify their companies' financial results and not only test their internal controls but have an outside audit firm attest to their accuracy.

See full Article and see Testimony.