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Sarbanes Oxley : Reactionary Legislation or Planned Control Mechanism?

Sarbanes Oxley : Reactionary Legislation or Planned Control Mechanism?

by Rick Turoczy on May 12, 2006

The major objection to Sarbanes Oxley seems to be that it is a “one size fits all” solution to the criminality of a relatively small percentage of ethics deficient individuals – sensationalized by the Enron, World Comm and Arthur Andersen scandals and the general dot com boom and bust of the late 90s. In that sense the law can be considered as reactionary and ultimately repressive to our economy. Arbitrary controls aimed at the few and applied to the many carry with them a certain amount of injustice and to that degree are usually counter-productive.

But what if it is simply another planned control mechanism aimed at reigning in American Free Enterprise? If this is the case, what are the chances that the Securities and Exchange Commission or the growing number of regulatory agencies including the relatively new Public Company Accounting Board will support efforts to make the law less burdensome for smaller public companies?

Sarbanes Oxley: Reactionary Legislation or Planned Control Mechanism?

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