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SOX: A watershed law that works

Cindy Fornelli | March 13, 2018

The Sarbanes-Oxley Act of 2002 (SOX) has been a remarkable success. It stands as a shining example of effective, bipartisan policymaking that has strengthened our capital markets and economy. But you don’t have to take my word for it.

Listen to chief financial officers. A 2017 poll revealed that 79 percent of CFOs feel that the overall quality of information in audited financial statements has improved since the enactment of SOX. Eighty-five percent of CFOs believe the internal control over financial reporting (ICFR) audit function has helped their company.

Listen to financial advisors. A separate 2017 poll found that 82 percent of financial advisors believe the law has improved the reliability of financial information.

Listen to current and former policymakers from Democratic and Republican administrations. Securities and Exchange Commission (SEC) Chairman Jay Clayton has said that the independent audit committee, a key requirement that SOX established, has...

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