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Corporate governance best practices: 10 years after SOX by Ken Yysiac.
Finance & Accounting
Pages 2 (502 words)
This article accentuates on the impact that Sarbanes-Oxley Act (SOX) and particularly its Section 404 on the corporate governance environment in the last one decade.The author states that the SOX Act has been triumphant in averting some of the problems
The author states in the beginning of the article that the SOX Act has been triumphant in averting some of the problems it was formulated to deal with. The positive impact of SOX in fortifying the business oversight has been widely accepted by professionals in the audit industry. The Act is believed to have unquestionably enhanced the audit quality, though its Section 404, which stressed on internal control besides the financials, has been widely considered to be premature. However, implementation of the Act had ensured that businesses made better decisions and in many cases even discovered superior competence resulting in cost savings. In the initial stage companies had to incur higher expenses to perform extensive audits of their internal control systems and consequently in the initial years of its implementation, there were reports of many companies going private as they could not afford the audits. In spite of cost involved and the complicated audit requirement, SOX has been able to fortify the function of autonomous audit committees in terms of superior corporate governance. Statement The review of the above article helped in coming to the conclusion that the perspective of the author is agreeable. ...
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