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April 2014 » Is the Sarbanes-Oxley Act Working?
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Stephen D. Willits, PhD, CPA, and Curtis Nicholls, PhD
In response to the Enron bankruptcy and other accounting and corporate governance scandals (e.g., Tyco International, Adelphia), Congress began working on a corporate governance bill— the Sarbanes-Oxley Act (SOX), which it rushed to pass after WorldCom filed for bankruptcy in July 2002. Prior to this, the bill's passage was far from certain; the House of Representatives and the Senate were in different stages of passing proposals that substantially differed and that faced significant opposition from lobbyists and trade groups representing accounting and business interests. But after the WorldCom scandal, “everyone in Washington wanted to do something—anything—to show they were cracking down on corporate fraud” (Joseph Nocera, “For All Its Costs, Sarbanes Law Is Working,” New York Times, Dec. 3, 2005, p. 1).
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