Current Reforms

• The Sarbanes-Oxley Act of 2002 included reforms in corporate governance and the accounting profession intended to

  • improve corporate financial reporting and internal control
  • strengthen audit committees
  • change the relationship between the auditor and client
  • improve auditor independence
  • provide additional auditor assurance over internal control
  • provide oversight and regulation for auditors of publicly traded companies

• Reforms are currently being implemented, and final impact is still uncertain.