Assessing the deterrent effect of the Sarbanes-Oxley Act's certification provisions: a comparative analysis using the Foreign Corrupt Practices Act.

From: Vanderbilt Journal of Transnational Law | Date: March 1, 2005| Author: | Copyright information

ABSTRACT

In the 1970s, Congress reacted to the financial wrongdoing of Lockheed Corp. and others by enacting [section] 102 of the Foreign Corrupt Practices Act (FCPA), which (1) requires corporations to keep records that accurately reflect financial transactions and (2) mandates a system of internal accounting controls. Going a step further in 2002, Congress responded to the Enron scandal by imposing personal accountability on chief executive officers in the Sarbanes-Oxley Act (SOA). After recounting responses prior to the existence of the Securities and Exchange Commission ...

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