Speaking at a Philadelphia university last week, co-author of the controversial Sarbanes-Oxley corporate governance legislation, Rep. Michael Oxley (R-Ohio) argued that the stock market pick-up which followed the passage of the reforms showed that "the system really does work".
He told those attending the talk on Wednesday that the government had been obliged to act following the discovery that massive accounting frauds were taking place at some of the US' largest firms because "the accounting industry has been found to be incapable of regulating itself".
Rep. Oxley acknowledged that the level of detail required of firms by the legislation could stand to be tweaked by the Securities and Exchange Commission and Public Company Accounting Oversight Board, but suggested that the main thrust of the Act is unlikely to be substantially amended, despite vociferous protests from the US business community and from overseas firms with US listings.
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