July 30, 2017 marked the 15th anniversary of the enactment of the Sarbanes-Oxley Act (SOX), legislation responding to high-profile financial scandals in several major public companies. Congressional interest began in late 2001 with investigative hearings into Enron Corporation's accounting practices. The working relationship between the external accounting firm and company management had become collusive, and massive fraud was revealed.
In the spring of 2002, on the heels of the Enron debacle, additional financial frauds were uncovered in public companies, including Worldcom and Adelphia, further rocking the U.S. capital markets and profoundly undermining public confidence in the system of investor protection. This spurred definitive legislative action. With near unanimous, bi-partisan approval in the House and Senate, SOX was signed into law on July 30, 2002.
Among other changes, SOX resulted in new corporate governance requirements for companies and boards, new independence rules for external auditors, and a new regulator - the Public Company Accounting Oversight Board -- for accounting firms conducting audits of public companies.
A text alternative of the videos is available in a single PDF file. Download transcripts of the videos.
Paul Atkins, Cynthia Glassman, Harvey L. Pitt, Harvey Goldschmid and Roel Campos
The Sarbanes-Oxley Act: The First Decade
Deloitte Fireside Chat VII: The Profession Looks at Sarbanes-Oxley
A Measured Response?
(Made possible through the support of ASECA - Association of SEC Alumni, Inc.)
Moderator: Robert K.D. Colby
Presenter(s): Daniel Goelzer, Peggy Peterson, Dean Shahinian, Linda Chatman Thomsen
Moderator: Mark Peecher
Presenter(s): Alan Beller, Joseph Ucuzoglu
Moderator: Mark Beasley
Presenter(s): Michael Oxley, Paul Sarbanes
Made possible through the support of the Center for Audit Quality
Moderator: Theresa Gabaldon
Presenter(s): Kurt Schacht, Herbert Wander
Moderator: Robert Kueppers
Presenter(s): Pat McConnell, Donald Nicolaisen, Aulana Peters, Lawrence Salva, Scott Taub
The virtual museum and archive is copyrighted by the SEC Historical Society. The Society reserves the right to restrict access to or use of the museum by any user at any time.
Users are prohibited from sharing or downloading any material for publication or commercial purposes without written permission from the Executive Director. Requests for permission must be submitted by email and specify the material requested and for what purpose.
Material used with the Society's permission should be credited to: www.sechistorical.org.