Sarbanes-Oxley Act Essays

Notwithstanding whether it has reduced America’s international competitive edge against foreign financial service providers, the direct corporate governance provisions of the Act, such as the mandating of extensive internal controls, may be more costly than beneficial., and the Act’s gatekeeper-related provisions may not go far enough.

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Ever since Madoff started his ponzi investment scheme two decades ago, there have been independent reports that questioned the sustained high earnings of Madoff’s investments, in spite of the market downturn.

It was only in 2008 that the truth about the firm’s fabricated accounting practices came to light, following which Bernard Madoff was duly tried and convicted for 150 years in prison.

For example,“Section 404 of the Sarbanes-Oxley Act requires each issuer’s annual report to include an internal control report which shall …

contain an assessment, as of the end of the most recent fiscal year of the issuer, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting.

It has been argued for a long time on the role of the gatekeepers by researchers.

As John Coffee states: “all boards of directors are prisoners of their gatekepers”, the failure of gatekeeper has played an important role in facilitating corporate failure and corporate collapse.

The trouble started when this vicious spiral of new infusions and redemptions went out of control.

The savings and retirement pensions of many investors were lost in this artificial investment scam, reiterating the fact that regulatory overhauls such as Sarbanes-Oxley are highly relevant to the prevention of such scandals in the future.

It is a matter of speculation if the Madoff scandal could have been prevented had Sarbanes-Oxley been implemented earlier than 2002.

But there is no doubting the fact that the accounting misrepresentations carried out by Bernard Madoff and his cohorts were in breach of Sarbanes-Oxley regulations, both in letter and in spirit.

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