The "
Sarbanes-Oxley Act" is a comprehensive corporate reform package that was signed into the US law on July 30, 2002. The passage of the Act has been heralded by some as a historic occasion—calling it the most significant accounting legislation since 1933, while others have severely criticized the Act either as a "too little too late measure" or as a hasty knee jerk reaction to a temporary situation. Without a doubt, the Sarbanes-Oxley Act is the single most important piece of legislation affecting corporate governance, financial disclosure and the practice of public accounting since the US securities laws of the early 1930s. And, it is clear that public companies and the accounting profession have made tremendous progress in meeting the rigorous requirements of this legislation.
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