{"id":246,"date":"2007-04-05T07:00:13","date_gmt":"2007-04-05T15:00:13","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=246"},"modified":"2007-04-05T07:00:13","modified_gmt":"2007-04-05T15:00:13","slug":"sarbanes-oxley-oxley-admits-problems-with-legislation","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/sarbanes-oxley-oxley-admits-problems-with-legislation\/","title":{"rendered":"Sarbanes-Oxley: Oxley admits problems with legislation"},"content":{"rendered":"

Michael Oxley, famous as co-author of the Sarbanes-Oxley bill and now a former Republican congressman from Ohio, was in Paris recently for a dinner attended by accountants.\u00a0 Oxley was asked<\/a> if he had a chance to do it all over again whether a from-scratch Sarbanes-Oxley bill would\u00a0look different from\u00a0the one he helped create in 2005.\u00a0 “Absolutely”, said Oxley.\u00a0 After five years of retrospection, there is no doubt that if the bill were rewritten today, it would be much different.<\/p>\n

Sarbanes-Oxley legislation was enacted during a period of investor uncertainty.\u00a0 The debacle at Enron\u00a0which broke in 2001 may\u00a0have been overlooked if it had been an isolated event.\u00a0 But soon after Enron there was a string of accounting scandals that included WorldCom, Adelphia, Tyco and Global Crossing.\u00a0 In the context of these scandals, investors questioned the oversite of US companies.<\/p>\n

Prior to SOX, bills for strengthening corporate auditing had been considered for some time, but they went nowhere.\u00a0 After Enron, people’s attitudes changed dramatically.\u00a0 The will was suddenly there to make radical changes so something like those kind of scandals couldn’t happen again.\u00a0<\/p>\n

Bush also wanted to show that he was addressing the problem of corporate corruption.\u00a0 Democrats tried to implicate Bush and his former relationship to Enron’s CEO Kenneth Lay.\u00a0 Oxley also attributes the sacking of Arthur Anderson to Bush’s need to show the public that his administration was doing something.<\/p>\n

After SOX was enacted companies became very conservative in their accouting and accountants were the drivers behind corporate governance.\u00a0 The tide is changing.\u00a0 Corporations are again retaking control of corporate governance.<\/p>\n

Oxley has joined the law offices of Baker Hoestetler in Washington DC.\u00a0 In his new role, he’ll be helping companies create strategies for compliance.<\/p>\n

\"Digg<\/a><\/div>
\"Reddit<\/a><\/div>
\"Stumble<\/a><\/div>
\"Buzz<\/a><\/div>
\"Vote<\/a><\/div>
\"Share<\/a><\/div>
\"Bookmark<\/a><\/div>
\"Kick<\/a><\/div>
\"Shout<\/a><\/div>
\"Share<\/a><\/div>
\"Bookmark<\/a><\/div>
\"Post<\/a><\/div>
\"Google<\/a><\/div><\/div>","protected":false},"excerpt":{"rendered":"

Michael Oxley, famous as co-author of the Sarbanes-Oxley bill and now a former Republican congressman from Ohio, was in Paris recently for a dinner attended by accountants.\u00a0 Oxley was asked if he had a chance to do it all over…<\/span><\/p>\n

Read more ›<\/a><\/div>\n

<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,30],"tags":[],"class_list":["post-246","post","type-post","status-publish","format-standard","hentry","category-compliance","category-sarbanes-oxley"],"_links":{"self":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/comments?post=246"}],"version-history":[{"count":0,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/246\/revisions"}],"wp:attachment":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/media?parent=246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/categories?post=246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/tags?post=246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}