A House subcommittee held a hearing to examine the impact of the Sarbanes-Oxley Act of 2002, which marks its 10th anniversary this coming Sunday.
The law was passed in the wake of the Enron, WorldCom and Tyco accounting scandals and the demise of Big Four accounting firm Arthur Andersen. Among other things, it created the Public Company Accounting Oversight Board, mandated requirements for outside audits of internal controls, and included provisions for auditor independence, audit partner rotation, enhanced financial disclosures and senior executive sign-off of financial reports.
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