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Sarbanes-Oxley turns 5 amid mixed results

Sarbanes-Oxley turns 5 amid mixed results

by Toby Lucich on November 22, 2007

Five years after shepherding passage of a landmark bill to fight corporate corruption – the Sarbanes-Oxley Act — now retired Congressman Michael Oxley has mixed feelings about the impact of what was the most sweeping markets regulation since 1934.

“I still hear a lot of complaint and blame, mixed in with a good deal of praise for the law,” said Oxley, the Ohio Republican, now a non-executive vice chairman of Nasdaq Stock Market Inc. and a counsel with law firm Baker Hostetler.

The Securities and Exchange Commission is currently looking to placate critics of the law, known simply as SOX, with a set of new ideas on how to adapt to it. And the accounting industry is preparing this fall for lighter, cheaper and more focused audits to avoid the criticism that the law was too exacting on companies.

Sarbanes-Oxley turns 5 amid mixed results

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