SOX: A toothless tiger?
Four years after the enactment of the Sarbanes-Oxley Act (SOX), just a handful of cases have made it to court for violations of the new law. Peter Madigan questions whether there is something wrong with the law itself or if SOX may be proving surplus to requirements in the prosecution of corporate criminals The Sarbanes-Oxley Act of 2002 (SOX) is undoubtedly, first and foremost, a regulatory piece of legislation. Enacted in the wake of the corporate scandals of 2001–02, SOX sets out a raft of measures in a bid to make it harder for corporate fraud to reach the disastrous heights witnessed at Enron and WorldCom.
Despite many column inches covering SOX compliance – and educating executives and compliance officers in precisely what their SOX obligations are – little media coverage has been given to the enforcement of the new law.
Although most compliance officers and risk managers are aware that the penalties for incorrectly certifying corporate accounts have been greatly increased under SOX, there have
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