BLI Leadership | Corporate Finance & Governance

Top five things working about Sarbanes-Oxley

MACPA SOX panel at Loyola College Alumni Circle
Originally uploaded by marylandcpa.

  1. Corporate governance is improving. CEO & CFO certification of financial results has improved accountability of management. Audit committees are taking their jobs very seriously and corporate Boards are more independent.
  2. Directors of boards realize that board membership is a real job and not a perk anymore.
  3. Auditors are more independent. The level of imoprtance of the independent audit has increased dramatically.
  4. Accounting controls are back in vogue, putting the discipline back in business.
  5. Accounting policies are being fine-tuned, increasing reliability. Although there are still challenges according to the SEC

Is SOX working? Although the jury seems to be still out, this panel agreed that many good things have come out of Sarbanes-Oxley. Tell me what you think ...