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The Sarbanes-Oxley Act and the Production Efficiency of Public Accounting Firms

In: New Frontiers in Enterprise Risk Management

Author

Listed:
  • H. Chang
  • H. L. Choy
  • W. W. Cooper
  • M. -H. Lin

Abstract

In response to a series of corporate and accounting frauds at high-profile companies such as Enron, WorldCom, Global Crossing, etc, President Bush signed the Sarbanes-Oxley Act (SOX) into law on July 30, 2002. The Act represents the most significant reform of the securities laws since passage of the Securities Act in 1933. One of the primary objectives of the Act is to improve the independence of auditors and the quality of audit services. For instance, the Act prohibits public accounting firms from providing certain non-audit services that can potentially compromise their independence. It also requires these audit firms to attest to their clients’ assessment of the effectiveness of internal control systems in their audit reports, and sets up a new private regulatory board, the Public Company Accounting Oversight Board (PCAOB), to oversee and investigate the audits and auditors of public companies.

Suggested Citation

  • H. Chang & H. L. Choy & W. W. Cooper & M. -H. Lin, 2008. "The Sarbanes-Oxley Act and the Production Efficiency of Public Accounting Firms," Springer Books, in: David L. Olson & Desheng Wu (ed.), New Frontiers in Enterprise Risk Management, chapter 10, pages 145-161, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-78642-9_10
    DOI: 10.1007/978-3-540-78642-9_10
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    Citations

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    Cited by:

    1. Léopold Simar & Paul Wilson, 2011. "Two-stage DEA: caveat emptor," Journal of Productivity Analysis, Springer, vol. 36(2), pages 205-218, October.
    2. Seon Mi Kim & Yura Kim, 2017. "Product market competition on the effectiveness of internal control," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 24(1-2), pages 163-182, April.
    3. Ramona BANICA & Marian NEACSU, 2017. "The Romanian Regulatory Authority for Energy as an Efficient Institution in the Context of Environmental Policies," Hyperion Economic Journal, Faculty of Economic Sciences, Hyperion University of Bucharest, Romania, vol. 5(2), pages 28-41, June.
    4. H Chang & C Galantine & A Thevaranjan, 2009. "Returns to scale pattern and efficient firm size in the public accounting industry: an empirical investigation," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 60(11), pages 1495-1501, November.
    5. Dan Mihaela-Cornelia & Pena Emanuel & Bacsis Ana Maria, 2020. "Efficient institution in the context of environmental policies," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 14(1), pages 531-547, July.

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