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Sarbanes‐Oxley and the Future of Accounting
Author(s) -
Mcclelland Phillip,
Stanton Patricia
Publication year - 2004
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.2004.tb00233.x
Subject(s) - accounting , scrutiny , sarbanes–oxley act , misconduct , government (linguistics) , business , political science , audit , law , philosophy , linguistics
Following the Enron debacle, massive public pressure led the United States government to enact the Sarbanes‐Oxley Act of 2002. While this act was intended to protect investors and improve the accuracy and reliability of corporate disclosures, it also contained provisions which could have a major impact on the public accounting profession in the United States. It is possible that these effects could extend to Australia, where the public accounting profession is also subject to scrutiny following revelations of corporate misconduct. This paper explores the provisions of the Sarbanes‐Oxley Act relating to the accounting profession, the reaction of the profession and possible ramifications for public accounting in Australia.