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Sarbanes-Oxley Turns 10 (Reuters)

Legislation credited with strengthening companies internal controls.

The Sarbanes-Oxley Act celebrated its 10th birthday yesterday, a milestone that has triggered a flood of assessments. A Reuters analysis credits the law with strengthening companies’ internal controls on their financial reports and boosting the penalties for executives who commit financial fraud. It points to the initial climb and subsequent decline in the number of companies restating their financials as a sign that Sarbanes-Oxley is working. The article points out, though, that while Sarbanes-Oxley established the Public Company Accounting Oversight Board and increased oversight of the accounting industry, it did not eliminate the conflict of interest inherent in public companies paying the accounting firms that audit their books.

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