Sarbanes-Oxley was reform legislation designed to reform Corporate abuses of the 1990's and early 2000's. The Legislations places new obligations on corporate governance and on the working of the Audit Committee of Boards of Directors. It certainly has curbed the worse abuses of corporate governance. But there are critics who charge that Sarbanes-Oxley is imposed too many burdens and way too many costs. For one such view, please read: Here it Comes: The Sarbanes-Oxley Backlash, NY Times, April 17, 2005.
What are the benefits and costs of Sarbanes-Oxley? Should Sarbanes-Oxley be reformed? What provisions would you include in a revised Sarbanes-Oxley?