Critics ask if the Sarbanes-Oxley Act is really necessary.
Senator 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 when speaking to the Consumer Federation of America.
The 2002 Sarbanes-Oxley (SOX) law created the Public Company Accounting Oversight Board, for the first time bringing the accounting industry under regulation. It also required public companies to hire outside auditors to monitor their processes for assuring the integrity of financial statements.
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