Rethinking sarbanes-oxley: why the Act doesn't serve the interests of the industry or the markets.

The public accounting profession has been severely criticized since the 1970s. This criticism is renewed with each very public failure of a corporation, and each financial loss the public takes. The same question is asked each time: Where were the auditors?

The creation of various committees and inquiries in the U.S. in the late '70s can be considered the beginning of a critical examination of the accounting profession. During this period, Senator Metcalf's Committee, and one chaired by Congressman Moss, severely criticized how accountants operated. These were among the first committees to suggest that the advisory and managerial services offered by CPA firms to the corporations they audit could impair their independence, and the...

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