This week marks the five-year anniversary of the Sarbanes-Oxley Act of 2002. The legislation has proven to be a boon to many accountants and auditing firms, but a bane to many public companies.

Much of the focus has been on Section 404, which mandates that the internal controls at public companies be audited to help safeguard against fraud. The legislation is intended to avoid the kinds of accounting debacles that occurred at companies such as Enron, WorldCom and Tyco, and led to the downfall of Arthur Andersen.

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