The Sarbanes-Oxley Act was intended to usher in a new regime of corporate accountability and disclosure in the wake of a series of very public scandals that severely dented investor confidence in corporate America.

A year and a half on, with a large proportion (but not all) of the act now in force, the first cases involving Sarbanes-Oxley provisions have now been decided. As enforcement momentum begins to grow, the practical effect of this new legislation is now beginning to be felt.