The Sarbanes-Oxley Act is a lot like the weather: Everyone talks about it, but no one does anything about it. That's too bad. The statute was hastily -- and, therefore, badly -- drafted; but it was, and remains, necessary. In particular, it did two important things. It provided a framework for private-sector regulation of the accounting profession in the form of the PCAOB, and it mandated that all public companies (and their outside auditors) annually ...
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