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Sarbanes-Oxley: The Original Objective

Friday, April 06, 2007

Specific, infamous events in America's financial history led to the creation of the Sarbanes-Oxley Act. In this report from the NBR Special "Sarbanes-Oxley: Five Years Later," Correspondent Stephanie Dhue reviews these events and the goals that inspired the creation of this legislation.
Click to Read Transcript.

Image of President Bush signing the Sarbanes-Oxley Act. Click to watch report. Watch Video
Discuss "Sarbanes-Oxley" on XChange - The NBR Blog
Return to the "Sarbanes-Oxley: Five Years Later" Homepage
The DOW Responds to SarbOx
About the time President Bush signed the Sarbanes-Oxley Bill into law (July 30th, 2002), the Dow Jones Industrial Average recorded its second largest daily point gain. The chart below illustrates this comeback.
A graphic chart depicting Dow movement from July 24 to 30, 2002.
Related NBR Stories & Links
External Links/Articles*

  • American Institute of Certified Public Accountants (AICPA)
    This links to information and analysis AICPA offers about the Sarbanes-Oxley Act of 2002. Among other things, the site includes a summary of the provisions in SarbOx as well as a discussion of the legislation's regulatory impact.
  • The City of New York
    This links to a January 22, 2007 press release titled, "Bloomberg/Schumer Report: NY in Danger of Losing Status as World Financial Center Within 10 Years Without Major Shift in Regulation and Policy."
  • The Corporate Library
    The Corporate Library is a "source for U.S. corporate governance and executive & director compensation information and analysis." Nell Minow, Editor and Co-Founder of The Corporate Library, is interviewed in Stephanie Dhue's report.
  • Enron
    Yes, Enron still exists. This links to the website of Enron Creditors Recovery Corp. -- what is left of one of the world's leading energy firms. Currently, the company is dedicated "to liquidating its remaining operations and distributing its assets to its creditors."
  • Public Company Accounting Oversight Board (PCAOB)
    The PCAOB was created by the Sarbanes-Oxley Act. It is a non-profit corporation designed "to oversee the auditors of public companies."
  • Sarbanes-Oxley Act of 2002 (PDF Document)
    The full text of the Sarbanes-Oxley Act of 2002 as prepared during the 107th Congress of the United States. This document download is hosted by the University of Cincinatti College of Law.
  • "Spotlight on SEC v. Worldcom"
    The U.S. Securities and Exchange Commission has dedicated this section of its website its legal proceedings against Worldcom. As Stephanie Dhue notes in her report, the accounting fraud at Worldcom increased the pressure on Congress to create the Sarbanes-Oxley Act.
  • The White House
    This links to a 2002 document published by The White House that focuses on corporate responsibility. It is titled, "The President’s Ten-Point Plan."

    • *Clicking these external links will take you off the NBR web site on PBS.org. NBR has no affiliation with these sites.

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