Sarbanes-Oxley §§ 302 & 906: Corporate Reform or Legislative Redundancy? A Critical Look at the 'New' Corporate Responsibility For Financial Reports

摘要

The preamble to the Sarbanes-Oxley Act of 2002 states that the purpose of the Act is to "protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes." Indeed, a noble cause. However, as we all know, Federal legislation is rarely if ever without its problems, and Sarbanes-Oxley is no exception. Of all the lingering problems this legislation carries, the greatest is arguably uncertainty. Reading the Act will clearly show that new regulatory bodies have been formed, new standards have been set, and existing concepts have been rehashed. As the legislation is still relatively young, and with the SEC yet to propose rules in several areas, we still do not know the full force and effect of much of the Act.