On a mission to make everyone in corporate America a Boy Scout, the Sarbanes-Oxley Act is now five years young and, for all intents, seems to be having the desired effect, according to one of its architects.
While some in the business community have ranted and raved about what was once a compliance debacle, the new regulatory environment is now becoming business as usual.
So where’s it headed?
Michael Oxley, co-author of the controversial piece of legislation and a former U.S. congressman, discussed the law, commonly referred to as “Sox” or “Sarbox,” at the third annual Gartner Financial Services Technology Summit in New York City. Oxley is the vice chairman of the Nasdaq.
He talked about the birth of Sarbox and the fact that corporate leaders at all levels now have a greater understanding of its purpose, not just in the U.S. but in countries in Europe and Asia as well.