In 2002, the U.S. Congress passed the Public Company Accounting Reform and Investor Protection Act, better known as the Sarbanes-Oxley Act, or SOX. The Sarbanes-Oxley Act, Two Years On assesses the impact of the Act, focusing in particular on Canadian (and other non-U.S.) companies that are subject its provisions.
Document Highlights
In 2002, the U.S. Congress passed the Public Company Accounting Reform and Investor Protection Act, better known as the Sarbanes-Oxley Act, or SOX. SOX was nothing if not controversial: supporters hailed it as an important step in addressing widespread perceptions of accounting irregularities and corporate malfeasance. Critics condemned it as a hastily drafted, expensive and counterproductive burden on private enterprise and capital markets.
The Sarbanes-Oxley Act, Two Years On assesses the truth of these claims, focusing in particular on Canadian (and other non-U.S.) companies that are subject to the provisions of the Act. As this Executive Action report notes, the Act’s effects are not confined to companies: Canadian regulators are under increasing pressure to make our own securities laws again resemble those south of the border. And many of the Act’s more dramatic effects—such as on internal controls and accounting regulation—are still to be felt.
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