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The Sarbanes - Oxley Act of 2002 is the most important piece of legislation since the 1933 and 34 securities exchange act affecting everything from corporate governance to the accounting industry and much more This law was in direct response to the failure of corporate governance at Enron Tyco and WorldCom The Sarbanes - Oxley seeks to bring back the confidence in all publicly held corporations to the shareholders while placing more responsibility on CEOs and CFOs for the actions of the corporation Sarbanes - Oxley is more than just another piece of legislation - it has become synonymous with a new culture of corporate accountability and reform1 The SOX as it has come to be known covers a myriad amount of corporate responsibilities The law has eleven sections each with a varying amount of subsections Each title has tremendous effect on the business and legal environment with titles ranging from auditing inspection of registered public accounting firms accounting standards establishment of an accounting oversight board auditor partner rotation corporate responsibility for financial reports and probation to personal loans to executives among others Sarbanes - Oxley was signed in July 2002 by President George W Bush The authors of the law are Paul Sarbanes and Michael Oxley Sarbanes is the longest serving U S senator in Maryland history having won his fifth term in 2000 He received his undergraduate degree from Princeton University and a Harvard law degree Sarbanes is the senior Democrat on the Senate Banking Housing and Urban Affairs Committee Representative Michael Oxley was elected to the Ohio House in 1972 at the age of twenty - eight Oxley has his undergraduate degree from University of Miami in Oxford Ohio and received a law degree from the University of Ohio He is now the chairman of the House Committee of Financial Affairs The largest part of the Sarbanes - Oxley Act is not all the sections that it covers in the law
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