Academic journal article Journal of Applied Management and Entrepreneurship

What Is Sarbanes-Oxley?

Academic journal article Journal of Applied Management and Entrepreneurship

What Is Sarbanes-Oxley?

Article excerpt

What is Sarbanes-Oxley? Guy P. Lander McGraw Hill (2004) 114 pages, paperback, $12.00

As a direct result of the well-publicized Enron, WorldCom, and Global Crossing scandals and eventual bankruptcies, the attendant extensive accounting, legal, and managerial irregularities and laxity, and the consequent public and political outcry, Congress passed the Sarbanes-Oxley Act in 2002. The Act is a very significant, protracted and complex piece of legislation, which materially changed corporate governance as well as the accounting, auditing, and legal professions.

The appeal of Guy P. Lander's concise book, What is Sarbanes-Oxlev?. is that the author examines this very complicated and detailed new statute in a succinct, yet substantive, as well as easily readable and readily understandable, manner. The author is an attorney and clearly a legal specialist in the fields of corporate and securities law. Yet, Lander presents the examination of the statute in a fashion that is quite comprehensible to the non-lawyer. Although there are chapters specifically geared to lawyers, accountants, and auditors, the bulk of the statutory analysis emerges as highly beneficial to corporate executives and managers. The book is nicely balanced between overview material for the businessperson and specialized information for the professional. For example, throughout the work, there are very practical recommendations, lists, and checklists, as well as an extensive compliance checklist at the end of the book, all designed for the corporate manager. Yet there also is a great deal of highly specialized information, aimed at the professional legal, accounting, and auditing audience, but the greater part of this information is found in three specialized chapters for lawyers, accountants, and auditors, as well as in detailed end-of-chapter notes for all the chapters.

The book is very well organized and, after an overview chapter, is divided into chapters that track the substantive sections of the Sarbanes-Oxley Act. The author first defines key terms, and continues to provide definitions throughout the work. The following chapters address such general business subject matters as Disclosure Controls and Procedures, Management's Discussion and Analysis, Corporate Governance Standards, and Standards Applicable to Directors and Officers. …

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