The Sarbanes-Oxley Act has been nicknamed the full-employment act for accountants, so it's fitting that the association for academics in accounting invited the bill's co-author, Rep. Michael Oxley, to kick off its annual meeting in San Francisco this week.
In his keynote speech before the American Accounting Association Sunday night, Oxley, a Republican from Ohio, admitted that the landmark corporate- reform bill is imperfect.
It's "not always pretty, not always easy to follow, not always transparent, not always excellent," he said. It's "a product of the legislative process."
Oxley said the act, which turned 3 last week, did what it was intended to do: help restore confidence in public companies. The Standard & Poor's 500 index is up 34 percent (excluding dividends) since President Bush signed the act into law shortly after WorldCom turned out to be an even bigger fraud than Enron.
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