Effect of the Sarbanes-Oxley Act of 2002 on the EU Law regarding Auditors and Auditors' Independence

摘要

As mentioned in the preamble of the Sarbanes-Oxley Act (the 'SOX' or the 'Act'), this Act of 2002 intends to 'protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws'. Among other things, the SOX amends the Securities Exchange Act of 1934 (the '34 Act') and the Securities Act of 1933 (the '33 Act'). The Securities and Exchange Commission (SEC) is empowered by the Congress to implement the SOX. Thus, the SEC is one of the principal actors in the enforcement of the Act owing to its broad rule-making power. The Act is divided into 11 titles that contain important provisions regarding auditors and auditors' independence. Below is a summary of the important provisions of the Act on auditors and auditors' independence: