A recent federal report suggests SOX is achieving its intended goals of forcing companies to clean up their financial reports, encouraging internal accountability and improving disclosures when problems are found. According to the report, the percentage of U.S. public companies announcing financial restatements doubled from 8 percent before SOX to 16 percent afterwards, and cost- and expense-related issues replaced revenue recognition problems as the main reason for restatements.
August 15, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A recent federal report suggests the Sarbanes-Oxley Act of 2002 is achieving its intended goals of forcing companies to clean up their financial reports, encouraging internal accountability, and improving disclosures when problems are found.
Whether it is achieving another goal — boosting investor confidence in the markets — is less clear.
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