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IntroductionOn July 30, 2002, President Bush signed into law the Sarbanes-Oxley Act of 2002, which everyone agrees is the most significant legislation affecting the accounting profession since 1933.How did we came to that point? The House had passed the Oxley bill in April 2002, which was related to the accountability, and transparency of stating financial status of the company. At the same time Senator Paul Sarbanes had another proposal on the similar lines. He presented the bill to the Senate Banking Committee which passed the bill with a majority. Then, both the proposals made by House Representative Oxley and Senator Paul Sarbanes were reconciled to be formed in to one act, which is now popularly known as the Sarbanes Oxley. This is roughly what has been the direct consequences of big scandals that had shaken The US, like Enron, World comIndeed, When the Enron/Andersen scandal first unraveled in late 2001, followed quickly by ImClone, Global Crossing,  Congress did very little.......

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Approximate Word Count: 598
Approximate Pages: 3 (250 words per double-spaced page)

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