Sen. Paul Sarbanes, D-Md., offered his most sweeping defense of a law he co-authored following the collapse of Enron Corp. and suggested that current efforts to roll back the law are on shaky legal footing.
"We need to remind those who complain that Congress overreacted or overreached in passing Sarbanes-Oxley of several crucial points," he said Thursday in remarks to the Consumer Federation of America.
The 2002 Sarbanes-Oxley law created the Public Company Accounting Oversight Board, bringing the accounting industry under regulation for the first time. It also required public companies to hire outside auditors to monitor their processes for assuring the integrity of financial statements.
The Sarbanes-Oxley law came after accounting scandals led Enron, WorldCom Inc. -- now part of Verizon Communications Inc. -- and others to file for the largest bankruptcy reorganizations in U.S. history.
Critics have asserted that the law was
See full Article, in pdf format.
Posts
