Sarbanes-Oxley Act and PCAOB the Essay

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The question is then, how far legislation should go to avoid future scandals such as Enron and other major companies. It appears that the current constraints, especially in terms of business operation, and particularly as these manifest within the medium and small business sector, are somewhat excessive. Although the argument relating to a company's choice regarding the cost/benefit ratio is noted, surely a single piece of legislation cannot be universally applied with fairness.

In conclusion therefore, the need for legislation regarding auditing practices within public companies is vital. The extent and nature of the current legislation however can benefit from considerable revision. Indeed, the scale of costs to medium and small companies should be mitigated by providing institutions and tools that target auditing processes within these companies.

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Furthermore, the legislation should be revised in such a manner that it does not detract from healthy business practices such as competition, operations, and innovation.

These are practices upon which the pioneering spirit of the American business world is built upon. Enacting legislation that cuts profits as severely as the Sarbanes-Oxley Act does require a reconsideration of its benefits in terms of not only ethical business practice, but also in terms of the economy of the country as a whole. Surely better business practice can be encouraged in a more cost-effective way......

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