There continue to be individuals who appear to believe that self-regulation is the way to go. Sarbanes-Oxley is not perfect by any means, howerver, it was a significant move with significant positive effects. The costs are high but will stabilise to a more regular level, once companies have their systems in place.
Despite its weaknesses, this law was necessary and a positive move forward in enhancing corporate governance.
Onésimo Alvarez-Moro
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Sarbanes-Oxley Act or the accountants full employment act as I like to call it, refers to legislation introduced by Senator Paul Sarbanes (D) MD and Representative Michael Oxley (R) Ohio and passed in July of 2002 in response to the Enron and Worldcom scandals.
Whenever the nation is confronted by a problem or crisis Congress feels that they must pass some sort of legislation in order to give the impression that they are doing something to fix the problem.
The legislation usually only addresses the symptom and not the cause, just like Doctors today who are no longer healthcare providers but pill pushers, they prescribe one medication for the illness and another for the side affects, without regard to the damage cause to vital organs such as kidney and liver.
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