The Sarbanes-Oxley Act (SOX) was signed into law on July 30, 2002 in response to corporate scandals such as WorldCom and Enron.

Now all companies are required to file periodic reports with the Securities and Exchange Commission (SEC) with new requirements for reporting of corporate obligations. Non-compliance to these regulatory requirements comes with significant penalties.

Debates have continued since 2007 over the perceived benefits and costs of SOX. Opponents of the bill have claimed that it has reduced America's international competitive edge against foreign financial service providers because it has introduced an overly complex regulatory environment into U.S.financial markets.

Proponents of the measure said that SOX has been a "godsend" for improving the confidence of fund managers and other investors with regard to the veracity of corporate financial statements.

In your opinion, should the Sorbane-Oxley Act remain in force or should it be abolished? Explain your position.

SOX and ENRON article:

https://www.thebalancesmb.com/sarbanes-oxley-act-and-the-enron-scandal-393497