Private Companies Struggle With The Sarbanes-Oxley Act
Samuel Smiles, an 18th century Scottish, writer once said, "It is possible that the scrupulously honest man may not grow rich so fast as the unscrupulous and dishonest one; but, the success will be of a truer kind, earned without fraud or injustice. And even though a man should for a time be unsuccessful, still he must be honest: better lose all and save character. For character is itself a fortuneĀ " (Zaadz, 2005). Major corporate scandals such as Enron and WorldCom shook the business world at the turn of the century in a powerful way. The level of deception that seeped out of these scandals shocked and amazed Americans and the world. As a result, investor confidence began to decline and suspicions began to soar. Our eyes were opened and we knew that things could not stay the same. In 2002, Congress mounted a reform attempt, led by Representative Michael G. Oxley (R-Ohio) and Senator Paul Sarbanes (D-Md). Both believed that the affectionately termed Sarbanes-Oxley Act......
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