Sarbanes-Oxley Act Significant Reasons Why Term Paper

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As pointed out by Bill Travis (2004),

I'm not going to argue that the concept of improving financial reporting and auditing isn't valuable, because it is. The question, however, is at what point in time do the costs and the hours exceed the value? I think if somebody wants to lie, cheat and steal, they'll just find a different way to do it,"

CEOs and CFOs are very much concerned on the Sarbanes-Oxley law because it presents great impact in their business procedures, not to mention the cost that the requirements of the law demands. One for instance is that, because of the law, business partners and prospective investors would naturally insist on assurances such audited and certified financial statements.

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Another is that the law affects the benefits and executive compensations. But, these effects are not the only concern of CEOs and CFOs about the Sarbanes-Oxley law, but the question of the effectiveness of the law. Many businessmen find that the Sarbanes-Oxley is not efficient and effective enough to ensure validity and accuracy of financial statements. Instead it just causes them disadvantages because they have to abide by the law. As Alexander Theodorou (2004) reports,

Sarbanes-Oxley] A political game with serious consequences: doubts regarding the effectiveness of the Sarbanes-Oxley Act are growing with many seeing the legislation as ill-conceived, poorly budgeted, and inadequate as a means of safeguarding the U.S. capital markets......

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