Benefits often outweigh costs of compliance with Sarbanes-Oxley Act
Foreign companies doing business in U.S. markets can derive sizeable benefits from compliance with the U.S. law designed to improve corporate governance, despite extra costs associated with it, an expert says.
The Sarbanes-Oxley Act was passed by Congress in 2002 to enhance shareholder protection by improving the accuracy and reliability of corporate reporting and accounting in the wake of financial scandals involving major U.S. companies.
U.S. companies have complained, however, that compliance, particularly establishing and maintaining adequate internal controls for financial reporting, has been time-consuming and costly.
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