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... The effects of Sarbanes-Oxley continue to ripple throughout the boardrooms of corporate America. ... ” Collectively, this legislation is embodied in the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), which impacts nearly every aspect of the system that brings financial information from a public corporation to existing and potential investors, including the areas of accounting oversight, auditor independence, corporate governance, analyst conflicts of interests, and fraud. In response to the Enron and WorldCom disasters, Congress stated that the purpose of the Sarbanes-Oxley Act is to protect investors by improving the reliability and accuracy of corporate disclosures made pursuant to securities laws.
This Comment focuses on sections 302 and 906 of the Sarbanes-Oxley Act. ... An efficiency-based analysis of these two sections of the Sarbanes-Oxley Act suggests that including a recklessness standard of intent would be more likely to increase the accuracy of the information, reduce the aggregate costs of obtaining the information, and restore much-needed investor confidence. As a result, Congress should amend the Sarbanes-Oxley Act to create a single, coherent certification requirement with criminal penalty provisions that incorporate recklessness as a standard of intent giving rise to criminal culpability.
Approximate Word count = 843
Approximate Pages = 3.4
(250 words per page double spaced)
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