By V.P. Joe Biden ‘07
Several years ago, an epidemic of corporate accounting scandals at Enron, WorldCom and a host of other companies rocked the financial markets, wiped out investment accounts and pension plans, and threw workers into unemployment lines. Congress responded to the public outrage by passing the most comprehensive package of corporate reform legislation in decades -- the Sarbanes-Oxley Act of 2002.
Since then, many companies have restated their earnings to remedy accounting errors, crooked executives have been sent to jail, and the number of corporate scandals has waned. In 2006, the stock market closed out a record-breaking year, with the Dow Jones industrials topping 12,000 for the first time. Against this backdrop, some complain that the cost of compliance with Sarbanes-Oxley is too great and are calling for the act's repeal. This would be a huge mistake. Read on...
#cost #InternalControls #fraud #HealthCare #compliance
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